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Previous: GENOME THERAPEUTICS CORP, 10-Q, 1996-04-09 |
Next: BALCOR EQUITY PROPERTIES XII, SC 14D1/A, 1996-04-09 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------
SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)
-----------------------------
BALCOR EQUITY PROPERTIES--XII
(Name of Subject Company)
METROPOLITAN ACQUISITION VII, L.L.C.
MAP VII ACQUISITION CORPORATION
INSIGNIA FINANCIAL GROUP, INC.
(Bidders)
LIMITED PARTNERSHIP INTERESTS
(Title of Class of Securities)
NONE
(Cusip Number of Class of Securities)
-----------------------------
JOHN K. LINES, ESQ.
GENERAL COUNSEL AND SECRETARY
INSIGNIA FINANCIAL GROUP, INC.
ONE INSIGNIA FINANCIAL PLAZA
GREENVILLE, SOUTH CAROLINA 29602
(803) 239-1675
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Bidders)
-----------------------------
COPY TO:
JOHN A. HEALY, ESQ.
ROBERT E. KING, JR., ESQ.
ROGERS & WELLS
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
-----------------------------
Index to Exhibits Located at Page 4
<PAGE> 2
This Amendment No. 2 amends and supplements the Tender Offer Statement
on Schedule 14D-1 originally filed with the Commission on March 11, 1996, as
amended by Amendment No. 1 filed with the Commission on April 2, 1996 (the
"Schedule"), by Metropolitan Acquisition VII, L.L.C. (the "Purchaser"), MAP VII
Acquisition Corporation and Insignia Financial Group, Inc., relating to the
tender offer of the Purchaser to purchase up to 11,234 of the outstanding
limited partnership interests ("Interests") of Balcor Equity Properties -- XII,
an Illinois limited partnership, at $250.00 per Interest, net to the seller in
cash, upon the terms and subject to the conditions set forth in the Offer to
Purchase dated March 11, 1996 and the related Assignment of Partnership
Interest (copies of which were filed as Exhibits (a)(2) and (a)(3),
respectively, to the Schedule). Unless the context otherwise requires,
capitalized terms used but not defined in this Amendment No. 2 have the
meanings ascribed to them in the Schedule.
Item 10 of the Schedule is hereby amended and supplemented to include
the following information.
ITEM 10. ADDITIONAL INFORMATION.
(f) The Offer has been extended to 5:00 p.m., New York time, on
Friday, April 12, 1996. On Monday, April 8, 1996, the Purchaser issued a press
release announcing such extension and reporting that approximately 2,346
Interests had been tendered pursuant to the Offer as of the close of business
on April 8, 1996. A copy of the press release has been filed as Exhibit (a)(5)
to this Amendment No. 2 and is incorporated herein by reference in its
entirety.
Item 11 of the Schedule is hereby supplemented to include the exhibits
listed below.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
(a)(5) Text of press release issued by the Purchaser on April 8, 1996.
(f)(1) Excerpts from the report, dated November 27, 1995, of Alex. Brown &
Sons Incorporated.
2
<PAGE> 3
SIGNATURES
After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 8, 1996
METROPOLITAN ACQUISITION VII, L.L.C.
By: MAP VII ACQUISITION CORPORATION,
its managing member
By: /s/ JEFFREY L. GOLDBERG
-----------------------------------
Jeffrey L. Goldberg
Vice President
MAP VII ACQUISITION CORPORATION
By: /s/ JEFFREY L. GOLDBERG
-----------------------------------
Jeffrey L. Goldberg
Vice President
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ FRANK M. GARRISON
-----------------------------------
Frank M. Garrison
Executive Managing Director
3
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
- ----------- -----------
<S> <C>
(a)(5) Text of press release issued by the Purchaser on April 8, 1996.
(f)(1) Excerpts from the report, dated November 27, 1995, of Alex. Brown & Sons Incorporated.
</TABLE>
4
<PAGE> 1
EXHIBIT 99.(a)(5)
METROPOLITAN ACQUISITION VII, L.L.C.
One Insignia Financial Plaza
Greenville, SC 29602
FOR IMMEDIATE RELEASE
INSIGNIA AFFILIATE EXTENDS TENDER OFFERS FOR LIMITED
PARTNERSHIP INTERESTS IN EIGHT BALCOR LIMITED PARTNERSHIPS
GREENVILLE, SOUTH CAROLINA, April 8, 1996 - Metropolitan Acquisition
VII, L.L.C. today announced that it has extended the expiration date of its
outstanding tender offers for limited partnership interests in the following
partnerships: Balcor Realty Investors Ltd. -- 82, Balcor Realty Investors --
83, Balcor Realty Investors -- 84, Balcor Realty Investors 85 -- Series I,
Balcor Realty Investors 85 -- Series III, Balcor Realty Investors 86 -- Series
I, Balcor Equity Properties Ltd. -- VIII, and Balcor Equity Properties -- XII.
The expiration date for each tender offer has been extended to 5:00 p.m., New
York time, on Friday, April 12, 1996. The offers were previously scheduled to
expire at midnight on Friday, April 5, 1996.
Metropolitan reported that as of the close of business on April 5,
1996, approximately 2,867 interests had been tendered pursuant to the BRI 82
offer, approximately 3,163 interests had been tendered pursuant to the BRI 83
offer, approximately 7,064 interests had been tendered pursuant to the BRI 84
offer, approximately 2,272 interests had been tendered pursuant to the BRI
85-I offer, approximately 2,362 interests had been tendered pursuant to the
BRI 85-III offer, approximately 1,452 interests had been tendered pursuant to
the BRI 86-I offer, approximately 1,362 interests had been tendered pursuant to
the BEP VIII offer, and approximately 2,346 interests had been tendered
pursuant to the BEP XII offer.
Metropolitan is a newly-formed Delaware limited liability company. The
managing member of Metropolitan is a wholly-owned subsidiary of Insignia
Financial Group, Inc. (NYSE: IFS). For further information, please contact
either The Herman Group, Inc. at (800) 647-2543 or Beacon Hill Partners, Inc. at
(800) 253-3814, which are acting as Information Agents for the offers.
# # #
<PAGE> 1
BALCOR
BEP XII
LIMITED PARTNERSHIP VALUATION SUMMARY
<TABLE>
<CAPTION>
BALANCE SHEET RECAP WORKING CAPITAL AT SALE DATE
- ------------------- ----------------------------
($000's)
4TH QRT 1995 BALCOR
09/30/95 1995 PROJECTION
-------- ----------------------
<S> <C> <C> <C> <C>
Current Assets:
Cash & Equivalents 255
Restr Investment 0 Cash Flow Activity:
Escrow Deposits 1,715 Op cash flow thru sale date 54 214 use 1/4 of Balcor's estimate for 1995
Accounts Receivable 2 Sale proceeds 0 none in 4th quarter
Prepaid Expenses 165 Refinance proceeds 0 none in 4th quarter
Other 0 Collateral activity 0 incl in beg working capital
----- Other cash receipt/pmt 0 incl in beg working capital
2,137 Distributions 0 use actual 4th quarter distribution
----------
Current Liabilities: 54 214
Accounts Payable 104
Due to Affiliates 25 9/30/95 Working Capital 513
Accrued Liabilities 624 Sale Date Working Capital 567
Security Deposits 155
Other N/P Affiliate 716 unsecured
-----
1,624
-----
Net Working Capital 513
=====
Mortgage N/P - Affiliate
Mortgage N/P 30,188
<CAPTION>
LIQUIDATION VALUE
- -----------------
CAP SALES COST OF DEBT NET SALES BEP XII PREPMT NET SALES BEP XII
PROPERTY RATE VALUE SALE PAYOFF PROCEEDS SHARE PENALTY PROCEEDS SHARE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Sandridge 1 10.50 7,938 (159) (5,869) 1,910 1,910 (950) 961 961
Somerset Village 9.50 9,379 (188) (6,419) 2,772 2,772 0 2,772 2,772
Defoors Creek 10.50 16,540 (331) (8,957) 7,252 7,252 (789) 6,464 6,464
Cedar Ridge 10.50 6,410 (128) (5,100) 1,182 1,182 (871) 310 310
Brierwood 10.50 5,314 (106) (3,761) 1,446 1,446 (150) 1,296 1,296
------ ----- ------- ------ ------ ------ ------ ------
Totals 45,581 (912) (30,106) 14,563 14,563 (2,780) 11,803 11,803
Working Capital Balance 567 587
------ ------
Total Liquidation Proceeds 15,129 12,369
GP Share Proceeds 0 0% 0
LP Share Proceeds 15,129 100% 12,369
Per Unit ($) 404 37,447 units 330
% of Original Capital 40% $1,000 original unit cost 33%
</TABLE>
<PAGE> 2
BALCOR
BEP XII
ASSET VALUATION SUMMARY
<TABLE>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Defoors Creek Date of Sale 12/31/95
Location Atlanta, GA Repl Res per unit 450
Type Apartments Cap Rate 10.50
Constructed 1980 Income Growth 4.0%
Units 300 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 8,957 Asset Mgr Michael Becker 708-317-4305
Prepayment Penalty 789 mly Brkr Contact Kelly T. Lindsley
Property Tax Rate 2.47% The Worthing Companies
404-399-6279
<CAPTION>
OPERATING RESULTS
- -----------------
($000's)
ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 OCT-95 OCT-95 PROFORMA
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Rental Income 2,549 2,600 2,649 2,380 2,832 2,945
Service Income 23 39 29 27 32 34
Other Income 53 54 62 57 68 71
----- ----- ----- ----- ----- -----
Total Income 2,625 2,693 2,740 2,444 2,933 3,050
Income Growth 2.6% 1.7% 7.0% 4.0% PER UNIT
Operating Expenses 661 679 658 567 680 701 2,336
Expense Growth 2.7% -3.1% 3.4% 3.0%
Property Taxes 550 105 398 199 239 409 1,382
Insurance 29 84 67 77 67 69 230
----- ----- ----- ----- ----- -----
Total Expenses 1,240 888 1,123 843 986 1,178
----- ----- ----- ----- -----
Net Operating Income 1,385 1,825 1,617 1,601 1,947 1,872
Capital Expenditures 189 320 335 279
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 135
NOI for cap rate valuation 1,737
Valuation Conclusion 16,540 16,540
Cost of Sale (2%) (331) (331)
Prepayment Penalty (789)
Mortgage Payoff (8,957) (8,957)
------ ------
Net Sales Proceeds 7,252 6,464
====== ======
BEP XII Share of Proceeds 7,252 6,464
COMP ANALYSIS
- -------------
<CAPTION>
PER UNIT
PROPERTY # UNITS SALE DATE PRICE COMMENTS
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Defoors Creek 300 Dec-95 16,540 55
Fernwood 120 Mar-95 5,100 43
</TABLE>
<PAGE> 3
BALCOR
BEP XII
ASSET VALUATION SUMMARY
<TABLE>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Cedar Ridge Date of Sale 12/31/95
Location Baytown, TX Repl Res per unit 400
Type Apartments Cap Rate 10.50
Constructed 1982 Income Growth 2.0%
Units 276 Expense Growth 2.0%
Ownership % 100%
12/95 Debt Balance 5,100 Asset Mgr Reid Reynolds
Prepayment Penalty 871 locked thru 5/96, use mly Brkr Contact Greg Austin
Property Tax Rate 3.13%
<CAPTION>
OPERATING RESULTS
- -----------------
($000's)
ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 OCT-95 OCT-95 PROFORMA
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Rental Income 1,320 1,420 1,469 1,228 1,474 1,503
Service Income 17 22 23 15 18 18
Other Income 41 53 38 45 54 55
----- ----- ----- ----- ----- -----
Total Income 1,378 1,495 1,530 1,288 1,546 1,577
Income Growth 8.5% 2.3% 1.0% 2.0%
PER UNIT
Operating Expenses 499 528 561 449 539 550 1,991
Expense Growth 5.8% 6.3% -4.0% 2.0%
Property Taxes 120 153 160 161 193 201 727
Insurance 25 58 42 62 42 43 155
----- ----- ----- ----- ----- -----
Total Expenses 644 739 763 672 774 793
----- ----- ----- ----- -----
Net Operating Income 734 756 767 616 772 783
Capital Expenditures 499 230 114 152
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 110
NOI for cap rate valuation 673
Valuation Conclusion 6,410 6,410
Cost of Sale (2%) (128) (128)
Prepayment Penalty (871)
Mortgage Payoff (5,100) (5,100)
------ ------
Net Sales Proceeds 1,182 310
====== ======
BEP XII Share of Proceeds 1,182 310
COMP ANALYSIS
- -------------
<CAPTION>
PROPERTY # UNITS SALE DATE PRICE PER UNIT
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cedar Ridge 276 Dec-95 6,410 23
Burnett Place 256 May-93 4,200 16
The Park on Burke 160 Feb-93 2,200 14
Saddle Oaks 222 Jun-94 4,450 20
Ashwood Park 144 Jul-94 3,100 22
Deer Glen 149 Nov-94 5,300 36
</TABLE>
<PAGE> 4
BALCOR
BEP XII
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Brierwood Date of Sale 12/31/95
Location Jacksonville, FL Repl Res per unit 500
Type Apartments Cap Rate 10.50
Constructed 1974 Income Growth 3.0%
Units 196 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 3,761 Asset Mgr Gregg Handnoh
Prepayment Penalty 150 4% Brkr Contact Bucky Clarkson 804-359-0045
Property Tax Rate 2.22%
OPERATING RESULTS
- -----------------
($000's)
<CAPTION>
ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 OCT-95 OCT-95 PROFORMA
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Rental Income 1,167 1,188 1,235 1,025 1,230 1,267
Service Income 8 9 9 7 8 9
Other Income 18 20 21 15 18 19
----- ----- ----- ----- ----- -----
Total Income 1,193 1,217 1,265 1,047 1,258 1,294
Income Growth 2.0% 3.9% -.07% 3.0% PER UNIT
--------
Operating Expenses 430 457 478 370 444 457 2,333
Expense Growth 6.3% 4.6% -7.1% 3.0%
Property Taxes 200 109 119 0 118 602
Insurance 18 69 61 73 61 63 321
----- ----- ----- ----- ----- -----
Total Expenses 648 635 658 443 505 638
----- ----- ----- ----- -----
Net Operating Income 545 582 607 604 751 656
Capital Expenditures 235 221 368 325
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 98
NOI for cap rate valuation 558
Valuation Conclusion 5,314 5,314
Cost of Sale (2%) (106) (106)
Prepayment Penalty (150)
Mortgage Payoff (3,761) (3,761)
------ ------
Net Sales Proceeds 1,446 1,296
====== ======
BEP XII Share of Proceeds 1,446 1,296
COMP ANALYSIS
- -------------
<CAPTION>
PROPERTY # UNITS SALE DATE PRICE PER UNIT
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Brierwood 196 Dec-95 5,314 27
Southern Pines 200 1995 11,100 56
Sandpiper 376 1995 11,300 30
Lakes of Mayport 216 1995 6,600 31
Pinewood Village 226 1995 7,200 32
</TABLE>
<PAGE> 5
BALCOR
BEP XII
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Sandridge I Date of Sale 12/31/95
Location Pasadena, TX Repl Res per unit 400
Type Apartment Cap Rate 10.50
Constructed 1981 Income Growth 2.5%
Units 308 Expense Growth 2.5%
Ownership % 100%
12/95 Debt Balance 5,869 Asset Mgr Reid Reynolds
Prepayment Penalty 950 mly Brkr Contact Greg Austin
Property Tax Rate 2.84%
OPERATING RESULTS
- -----------------
($000's)
<CAPTION>
ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 OCT-95 OCT-95 PROFORMA
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Rental Income 1,664 1,688 1,716 1,438 1,725 1,768
Service Income 16 17 19 12 14 15
Other Income 39 32 32 31 37 38
----- ----- ----- ----- ----- -----
Total Income 1,719 1,737 1,767 1,481 1,777 1,821
Income Growth 1.1% 1.7% 0.6% 2.5% PER UNIT
--------
Operating Expenses 575 600 593 463 556 569 1,849
Expense Growth 4.3% -1.2% 65 -6.3% 2.5%
Property Taxes 203 216 209 201 241 225 732
Insurance 20 76 68 61 68 70 226
----- ----- ----- ----- ----- -----
Total Expenses 798 892 870 790 865 885
----- ----- ----- ----- ----- -----
Net Operating Income 921 845 897 691 912 957
Capital Expenditures 146 286 100 106
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 123
NOI for cap rate valuation 834
Valuation Conclusion 7,938 7,938
Cost of Sale (2%) (159) (159)
Prepayment Penalty (950)
Mortgage Payoff (5,869) (5,869)
------ ------
Net Sales Proceeds 1,910 961
====== ======
BEP XII Share of Proceeds 1,910 961
COMP ANALYSIS
- -------------
<CAPTION>
PROPERTY # UNITS SALE DATE PRICE PER UNIT COMMENTS
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Sandridge I 308 Dec-95 7,938 26 Slow mkt for sales
Enclave@South Green 426 Mar-95 14,025 33
Forestree Apts. 324 Mar-95 7,582 23
Deer Glen 149 Sept-94 5,300 36
Ashwood Park 144 Aug-94 3,100 22
Saddle Oaks 222 Jul-94 4,450 20
</TABLE>
<PAGE> 6
BALCOR
BEP XII
ASSET VALUATION SUMMARY
<TABLE>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Somerset Village Date of Sale 12/31/95
Location Tempe, AZ Repl Res per unit 400
Type Apartments Cap Rate 9.50
Constructed 1979 Income Growth 4.0%
Units 276 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 6,419 Asset Mgr Don Price
Prepayment Penalty none Brkr Contact Marc Hulsken
Property Tax Rate 1.89% G&E
(802) 224-4400
OPERATING RESULTS
- -----------------
($000's)
<CAPTION>
ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 OCT-95 OCT-95 PROFORMA
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Rental Income 1,350 1,477 1,595 1,339 1,607 1,671
Service Income 45 48 47 38 46 47
Other Income 15 19 18 24 29 30
----- ----- ----- ----- ----- -----
Total Income 1,410 1,544 1,660 1,401 1,681 1,748
Income Growth 9.5% 7.5% 1.3% 4.0% PER UNIT
--------
Operating Expenses 460 473 507 426 511 527 1,908
Expense Growth 2.8% 7.2% 0.8% 3.0%
Property Taxes 87 110 93 125 150 177 642
Insurance 13 52 42 47 42 43 157
----- ----- ----- ----- ----- -----
Total Expenses 560 635 642 598 703 747
----- ----- ----- ----- ----- -----
Net Operating Income 850 909 1,018 803 978 1,001
Capital Expenditures 138 179 141 106
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 110
NOI for cap rate valuation 891
Valuation Conclusion 9,379 9,379
Cost of Sale (188) (188)
Prepayment Penalty 0
Mortgage Payoff (6,419) (6,419)
------ ------
Net Sales Proceeds 2,772 2,772
====== ======
BEP XII Share of Proceeds 2,772 2,772
COMP ANALYSIS
- -------------
<CAPTION>
PROPERTY # UNITS SALE DATE PRICE PER UNIT COMMENTS
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Somerset Village 276 Dec-95 9,379 34
Quail Canyon 112 Mar-95 4,400 39 inferior product with smaller units
Tierra del Sol 276 May-94 11,450 41 superior product and curb appeal, inferior loc
Pear Tree & Lemon Tree 163 Feb-95 6,860 42 inferior product, but good location
Rancho Murietta 292 Feb-95 11,917 41 same Spanoe built product, but slightly newer
Riviera Park 201 Jun-95 6,950 35 inferior product, but closer to growth areas
Del Coronado 419 Aug-95 19,000 45 superior product, close to regional mall
</TABLE>
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