<PAGE>
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 18, 1997
NEW ENGLAND LIFE PENSION PROPERTIES II; A REAL ESTATE LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in its Charter)
Massachusetts
(State or Other Jurisdiction of Incorporation)
0-13323 04-2803902
(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)
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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 2, 1997.
Item 2. Acquisition or Disposition of Assets.
- ----------------------------------------------
New England Life Pension Properties II; A Real Estate Limited Partnership
(the "Partnership"), owned a 75% interest in a shopping center located at 1975
Diamond Boulevard, Concord, California known as the Willows Shopping Center (the
"Property"). The remaining 25% was owned by New England Life Pension
Properties; A Real Estate Limited Partnership, an affiliate of the Partnership
(collectively the "Partnerships"). On September 18, 1997, the Partnerships sold
their collective interest in the Property to an unrelated third party for total
gross proceeds of $28,575,000. The terms of the sale were determined by arms-
length negotiation between the buyer and AEW Real Estate Advisors, Inc., on
behalf of the Partnerships. The Partnership received net proceeds of
$21,037,891 and recognized a gain of $3,332,401.
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 NEW ENGLAND LIFE PENSION PROPERTIES II;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Copley Properties Company II, Inc.
General Partner
By: Wesley M. Gardiner, Jr.
--------------------------------
Name: Wesley M. Gardiner, Jr.
Title: President
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New England Life Pension Properties II; EXHIBIT A
A Real Estate Limited Partnership
Pro Forma Balance Sheet
June 30, 1997
Unaudited
<TABLE>
<CAPTION>
Pro Forma June 30, 1997
June 30, 1997 Adjustment Pro Forma
------------- ---------- ---------
<S> <C> <C> <C>
ASSETS
Real estate investments:
Ground leases and mortgage loans, net $12,894,558 0 $12,894,558
Property, net 16,451,267 (16,451,267)(a) 0
Deferred leasing costs and other assets, net 850,934 (850,934)(a) 0
------------------ ------------------- -----------------
30,196,759 (17,302,201) 12,894,558
Cash and cash equivalents 3,942,917 19,757,540 (a) 23,700,457
Short-term investments 1,579,430 0 1,579,430
Interest and rent receivable 36,051 (25,426)(a) 10,625
------------------ ------------------- ------------------
$35,755,157 $2,429,913 $38,185,070
================== ================= ==================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $878,407 (814,638)(a), (h) $63,769
Accrued management fee 53,475 0 53,475
Deferred disposition fees 472,312 642,938 (b) 1,115,250
------------------ ----------------- ------------------
Total liabilities 1,404,194 (171,700) 1,232,494
------------------ ----------------- ------------------
Partners' capital:
Limited partners ($766.04 per unit;
110,000 units authorized, 39,917
units issued and outstanding) 34,275,052 2,575,597 (a) 36,850,649
General partner 75,911 26,016 (a) 101,927
------------------ ----------------- ------------------
Total partners' capital 34,350,963 2,601,613 36,952,576
------------------ ----------------- ------------------
$35,755,157 $2,429,913 $38,185,070
================== ================= ==================
</TABLE>
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New England Life Pension Properties II; EXHIBIT B
A Real Estate Limited Partnership
Pro Forma Income Statement
December 31, 1996
Unaudited
<TABLE>
<CAPTION>
Pro Forma December 31, 1996
December 31, 1996 Adjustment Pro Forma
----------------- ---------- ---------
<S> <C> <C> <C>
Investment Activity
Property rentals $2,364,793 (2,364,793)(c) $0
Property operating expenses (1,029,200) 1,029,200 (c) 0
Depreciation and amortization (706,119) 702,947 (c) (3,172)
---------------- ----------------- ----------------
629,474 (632,646) (3,172)
Ground rentals and interest on mortgage loans 2,552,474 0 2,552,474
Credit from impaired mortgage loans 17,291 0 17,291
---------------- ----------------- ----------------
Total real estate operations 3,199,239 (632,646) 2,566,593
Gain on sale of property 0 2,812,921 (a), (i) 2,812,921
---------------- ----------------- ----------------
Total real estate activity 3,199,239 2,180,275 5,379,514
Interest on cash equivalents and short term investments 303,473 0 303,473
---------------- ----------------- ----------------
Total investment activity 3,502,712 2,180,275 5,682,987
Portfolio Expenses
Management fee 248,355 (6,207)(f) 242,148
General and administrative 145,682 (9,920)(g) 135,762
---------------- ----------------- ----------------
394,037 (16,127) 377,910
---------------- ----------------- ----------------
Net income $3,108,675 $2,196,402 $5,305,077
================ ================= ================
Net income per limited partnership unit $77.10 $54.47 (d) $131.57
================ ================= ================
Number of limited partnership units
outstanding during the period 39,917 39,917 39,917
================ ================= ================
</TABLE>
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New England Life Pension Properties II;
A Real Estate Limited Partnership
Pro Forma Income Statement
June 30, 1997
Unaudited
<TABLE>
<CAPTION>
EXHIBIT C
Pro Forma June 30, 1997
June 30, 1997 Adjustment Pro Forma
--------------- ----------------- -------------------
Investment Activity
<S> <C> <C> <C>
Property rentals $1,544,865 (1,544,865)(e) $0
Property operating expenses (415,235) 415,235 (e) 0
Depreciation and amortization (379,693) 378,107 (e) (1,586)
--------------- ----------------- -------------------
749,937 (751,523) (1,586)
Ground rentals and interest on mortgage loans 1,007,766 0 1,007,766
--------------- ----------------- -------------------
Total real estate operations 1,757,703 (751,523) 1,006,180
Gain on sale of property 0 2,812,921 (a),(i) 2,812,921
--------------- ----------------- -------------------
Total real estate activity 1,757,703 2,061,398 3,819,101
Interest on cash equivalents and short term investments 131,934 0 131,934
--------------- ----------------- -------------------
Total investment activity 1,889,637 2,061,398 3,951,035
Portfolio Expenses
Management fee 109,702 (19,599)(f) 90,103
General and administrative 78,816 (4,113)(g) 74,703
--------------- ----------------- -------------------
188,518 (23,712) 164,806
--------------- ----------------- -------------------
Net income $1,701,119 $2,085,110 $3,786,229
=============== ================= ===================
Net income per limited partnership unit $42.19 $51.71 (d) $93.90
=============== ================= ===================
Number of limited partnership units
outstanding during the period 39,917 39,917 39,917
=============== ================= ===================
</TABLE>
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 management fees based on distributions received during the pro
forma period from the disposed asset discussed in Item 2 herein.
(g) Removal of appraisal and legal fees incurred during the pro forma period
for the disposed asset discussed in Item 2 herein.
(h) Estimated legal fees still to be incurred by the Partnership related to the
sale. Included in the calculation of the gain.
(i) Gain on sale of investment 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.
