-----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, RIhvvmv8SmleD7/95U5HTypS7hs6kPbCMvWyPbM4GvkKR2DrH9nkxxHDMBN2P9IF is9HseCo9Za3qAIpALTIKQ== 0000950109-97-007189.txt : 19971127 0000950109-97-007189.hdr.sgml : 19971127 ACCESSION NUMBER: 0000950109-97-007189 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970929 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971126 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/A SEC ACT: SEC FILE NUMBER: 000-17807 FILM NUMBER: 97729015 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/A 1 FORM 8-K/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): September 29, 1997 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, 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 October 8, 1997. Item 2. Acquisition or Disposition of Assets. - ---------------------------------------------- On September 29, 1997, Copley Pension Properties VI; A Real Estate Limited Partnership (the "Partnership") sold its property known as Stemmons Industrial located at 13405 North Stemmons Freeway, Farmers Branch, Texas. The property was sold to an unrelated third party for total gross proceeds of $4,500,000. The terms of the sale were determined by arms-length negotiation between the buyer and AEW Real Estate Advisors, Inc., on behalf of the seller. The Partnership received net proceeds of $4,334,193 and recognized a gain of $248,172. Item 7. Financial Statements and Exhibits. - ------------------------------------------- a.) Financial statements of businesses acquired. Not Applicable. b.) Pro Forma Financial Information. 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, 1997 (Exhibit A). The pro forma income statements are presented for the fiscal year ended December 31, 1996 (Exhibit B) and the period ended June 30, 1997 (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: November 26, 1997 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 Copley Pension Properties VI; EXHIBIT A A Real Estate Limited Partnership Pro Forma Balance Sheet June 30, 1997 Unaudited
Pro Forma June 30, 1997 June 30, 1997 Adjustment Pro Forma ------------- ---------- --------- ASSETS Real estate investments: Joint ventures $15,240,872 - $15,240,872 Property, net 8,278,828 (3,950,132)(a) 4,328,696 -------------------- ----------------- ------------------------- 23,519,700 (3,950,132) 19,569,568 Cash and cash equivalents 3,927,409 4,283,575 (a) 8,210,984 Short-term investments 1,260,485 - 1,260,485 ------------------- ---------------- ------------------------- $28,707,594 $333,443 $29,041,037 ==================== ================= ========================= LIABILITIES AND PARTNERS' CAPITAL Accounts payable $87,161 5,000 (g) $92,161 Accrued management fee 51,517 - 51,517 Deferred disposition fees 582,677 135,000 (b) 717,677 -------------------- ----------------- ------------------------- Total liabilities 721,355 140,000 861,355 -------------------- ----------------- ------------------------- Partners' capital (deficit): Limited partners ($768.98 per unit; 160,000 units authorized, 48,788 units issued and outstanding) 28,026,332 191,509 (a) 28,217,841 General partners (40,093) 1,934 (a) (38,159) -------------------- ----------------- ------------------------- Total partners' capital 27,986,239 193,443 28,179,682 -------------------- ----------------- ------------------------- $28,707,594 $333,443 $29,041,037 ==================== ================= =========================
Copley Pension Properties VI; EXHIBIT B A Real Estate Limited Partnership Pro Forma Income Statement December 31, 1996 Unaudited
Pro Forma December 31, 1996 December 31, 1996 Adjustment Pro Forma ------------------- ----------------- ---------------- Investment Activity Property rentals $818,078 (72,074)(c) $746,004 Property operating expenses (369,959) 162,216 (c) (207,743) Depreciation and amortization (286,940) 152,416 (c) (134,524) ------------------- ----------------- ---------------- 161,179 242,558 403,737 Joint venture earnings 1,164,123 - 1,164,123 ------------------- ----------------- ---------------- Total real estate operations 1,325,302 242,558 1,567,860 Gain on sale of property - 210,068 (a),(h) 210,068 ------------------- ----------------- ---------------- Total real estate activity 1,325,302 452,626 1,777,928 Interest on cash equivalents and short term investments 268,223 - 268,223 ------------------- ----------------- ---------------- Total investment activity 1,593,525 452,626 2,046,151 Portfolio Expenses Management fee 206,070 - 206,070 General and administrative 201,322 (5,559)(f) 195,763 ------------------- ----------------- ---------------- 407,392 (5,559) 401,833 ------------------- ----------------- ---------------- Net income $1,186,133 $458,185 $1,644,318 =================== ================= ================ Net income per limited partnership unit $24.07 $9.30 (d) $33.37 =================== ================= ================ 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, 1997 Unaudited
Pro Forma June 30, 1997 June 30, 1997 Adjustment Pro Forma ------------------- ----------------- ------------------ Investment Activity Property rentals $ 415,032 (47,821)(e) $ 367,211 Property operating expenses (197,502) 68,974 (e) (128,528) Depreciation and amortization (151,494) 76,208 (e) (75,286) ------------------- ----------------- ------------------ 66,036 97,361 163,397 Joint venture earnings 657,539 - 657,539 ------------------- ----------------- ------------------ Total real estate operations 723,575 97,361 820,936 Gain on sale of property - 210,068 (a),(h) 210,068 ------------------- ----------------- ------------------ Total real estate activity 723,575 307,429 1,031,004 Interest on cash equivalents and short term investments 134,633 - 134,633 ------------------- ----------------- ------------------ Total investment activity 858,208 307,429 1,165,637 Portfolio Expenses Management fee 103,034 - 103,034 General and administrative 106,278 - 106,278 ------------------- ----------------- ------------------ 209,312 - 209,312 ------------------- ----------------- ------------------ Net income $ 648,896 $ 307,429 $ 956,325 =================== ================= ================== Net income per limited partnership unit $ 13.17 $ 6.24 (d) $ 19.41 =================== ================= ================== 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 disposal to the Partners. (b) Disposition fee incurred in connection with the disposition of the asset discussed in Item 2 herein. (c) Removal of 1996 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 1997 year-to-date operating activity related to the disposed asset discussed in Item 2 herein. (f) Removal of appraisal and legal fees incurred during the pro forma period for the disposed asset discussed in Item 2 herein. (g) Estimated Legal fees still to be incurred by the Partnership related to the sale. Included in calculation of the gain. (h) Gain on sale is calculated using the net book value of the asset at June 30, 1997, the most recent interim date for which a balance sheet was required at the time of the original 8-K filing. -----END PRIVACY-ENHANCED MESSAGE-----