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Previous: PC QUOTE INC, 10-Q, 1996-05-14 |
Next: CRYSTAL OIL CO, 10-Q, 1996-05-14 |
<PAGE> 1
Total pages: 8
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) April 30, 1996
--------------
BOETTCHER PENSION INVESTORS, LTD.
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
<TABLE>
<S> <C> <C>
COLORADO 0-13219 84-0948497
- ----------------------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
77 West Wacker Drive Chicago, Illinois 60601
- ----------------------------------------------------------------------------------------------
(Address of principal (Zip code)
executive office)
</TABLE>
Registrant's telephone number, including area code (312) 574-6000
--------------
N/A
- --------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 2. Acquisition or Disposition of Assets
On April 30, 1996, Boettcher Pension Investors, Ltd. (the "Partnership")
entered into a contract, which subsequently closed on May 8, 1996, to sell the
land, related improvements and personal property of the retail center known as
Lindsay-Main Shopping Center ( Lindsay ) located at 116 North Lindsay, in Mesa,
Arizona. The purchaser, GOV, Inc., is not affiliated with the Partnership, its
Managing General Partner or any affiliate, director, officer or associate of
the foregoing, and the sales price was determined by arm's length negotiations.
Lindsay consists of a 1-building shopping center containing approximately
37,000 square feet of net rentable area on approximately 4.213 acres of land
and one vacant, undeveloped parcel of land consisting of approximately .934
acres. At the time of sale, Lindsay was approximately 38% leased and occupied.
The net proceeds to the Partnership, before proration of operating income and
expenses related to the property, were as follows:
<TABLE>
<S> <C>
Sales price $1,000,000
Less Costs of Sale-
Sales Commissions (60,000)
Estimated title, legal fees, and other (30,000)
Security Deposit Liability (9,905)
Holdback for tenant improvements in progress (50,000)
----------
Net Proceeds $ 850,095
==========
The net proceeds will be utilized as follows:
Partial repayment of amounts owed to Managing
General Partner $ 88,000
Distribution to Limited Partners ($71/unit) 760,907
Addition to Partnership cash reserves 1,188
----------
Net Proceeds from Sale $ 850,095
==========
</TABLE>
2
<PAGE> 3
Item 7. Financial Statements and Exhibits
(a) Financial Statements--Not applicable.
(b) Pro Forma financial information--See pages 4 through 7 filed as part
of this report.
(c) Exhibit
10.21 Purchase and Sale Agreement for the sale of Lindsay-Main Plaza.
3
<PAGE> 4
BOETTCHER PENSION INVESTORS, LTD.
(A Limited Partnership)
Pro Forma Balance Sheet
January 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma Adjustments
---------------------
Sale of Lindsay-Main
Historical and Application Pro Forma
January 31, 1996 of Proceeds January 31, 1996
---------------- ----------- ----------------
Assets
------
<S> <C> <C> <C>
Real estate investments:
Properties held for sale at cost, net $7,495,180 (959,415) 6,535,765
Less accumulated depreciation (572,975) 134,797 (438,178)
----------- ---------- ----------
6,922,205 (824,618) 6,097,587
Cash and cash equivalents, at cost
which approximates market value 513,550 1,188 514,738
Deferred leasing costs, net 93,531 (32,664) 60,867
Accounts receivable, and other assets 141,366 (37,622) 103,744
---------- ---------- ----------
Total Assets $7,670,652 (893,716) 6,776,936
========== ========== ==========
Liabilities and Partners' Capital
- ---------------------------------
Mortgage payable $5,821,554 - 5,821,554
Accounts payable and accrued liabilities 28,907 (945) 27,962
Payable to managing general partner 88,330 (88,000) 330
Property taxes payable 17,449 (11,526) 5,923
Accrued interest payable 46,087 - 46,087
Other Liabilities 39,315 (2,496) 36,819
---------- ---------- ----------
Total Liabilities 6,041,642 (102,967) 5,938,675
Partners' capital
General partners (35,653) (298) (35,951)
Limited partners 1,664,663 (790,451) 874,212
---------- ---------- ----------
Total Partners' capital (deficit) 1,629,010 (790,749) 838,261
---------- ---------- ----------
Total Liabilities & Partners' Capital $7,670,652 (893,716) 6,776,936
========== ========== ==========
</TABLE>
See accompanying notes to proforma financial statements.
4
<PAGE> 5
BOETTCHER PENSION INVESTORS LTD.
(A Limited Partnership)
Pro Forma Statement of Operations
For the Three Months Ended January 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma Adjustments
---------------------
Sale of Lindsay-Main
Historical and Application Pro Forma
January 31, 1996 of Proceeds January 31, 1996
---------------- ----------- ----------------
<S> <C> <C> <C>
Revenue
Rental income $251,874 (20,387) 231,487
Tenant reimbursements for common
area charges, insurance and taxes 49,719 (8,779) 40,940
Interest income 7,279 - 7,279
-------- -------------- ----------
308,872 (29,166) 279,706
-------- ----------- ---------
Expenses:
Interest, including amortization of debt
discount and debt issuance costs 138,410 - 138,410
Depreciation & Amortization 49,364 (4,864) 44,500
Property taxes 23,589 (5,538) 18,051
Fees and reimbursements to managing
general partner 5,724 - 5,724
Other management fees 13,549 (2,250) 11,299
Repairs and maintenance 15,208 (2,779) 12,429
Utilities 9,683 (3,112) 6,571
Other administrative 49,872 (2,348) 47,524
-------- ------------- ----------
305,399 (20,891) 284,508
-------- ------------ ---------
Net earnings (loss) $ 3,473 (8,275) (4,802)
======== ============ ==========
Net earnings (loss) per limited partnership unit
using the weighted average number of limited
partnership units outstanding of 10,717: $ 0.32 (0.77) (0.45)
======== ============ ==========
</TABLE>
See accompanying notes to proforma financial statements.
5
<PAGE> 6
BOETTCHER PENSION INVESTORS LTD.
(A Limited Partnership)
Pro Forma Statement of Operations
For the Fiscal Year Ended October 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma Adjustments
---------------------
Sale of Lindsay-Main
Historical and Application Pro Forma
October 31, 1995 of Proceeds October 31, 1995
---------------- ----------- ----------------
<S> <C> <C> <C>
Revenue:
Rental income $1,238,182 (84,220) 1,153,962
Tenant reimbursements for common
area charges, insurance and taxes 261,054 (30,394) 230,660
Interest income 20,016 (264) 19,752
---------- ------------- ------------
1,519,252 (114,878) 1,404,374
---------- ------------- -----------
Expenses:
Interest, including amortization of debt
discount and debt issuance costs 557,948 - 557,948
Depreciation & Amortization 277,677 (17,087) 260,590
Property taxes 123,361 (20,476) 102,885
Fees and reimbursements to managing
general partner 29,840 - 29,840
Other management fees 61,756 (9,000) 52,756
Repairs and maintenance 90,898 (16,653) 74,245
Utilities 44,514 (11,839) 32,675
Other administrative 63,971 (6,851) 57,120
------------ ----------- ------------
1,249,965 (81,906) 1,168,059
------------ ---------- ------------
Net earnings (loss) from operations 269,287 (32,972) 236,315
Gain on sale of real estate investment 684,856 - 684,856
----------- ---------- ---------
Net earnings (loss) $ 954,143 (32,972) 921,171
========= =========== =========
Net earnings (loss) per limited partnership unit
using the weighted average number of
limited partnership units outstanding
of 10,717: $ 89.03 (3.08) 85.95
========== ============ ==========
</TABLE>
See accompanying notes to proforma financial statements.
6
<PAGE> 7
BOETTCHER PENSION INVESTORS LTD.
(A Limited Partnership)
NOTES TO PRO FORMA FINANCIAL INFORMATION
(Unaudited)
Note 1 - Basis of Presentation
The Pro Forma Balance Sheet at January 31, 1996 is based on
the historical Balance Sheet for the Partnership presented on Form
10-Q at January 31, 1996. In general, the Pro Forma adjustments
represent the elimination of all liabilities related to Lindsay-Main
Plaza ("Lindsay"), and the net effect of the sale transaction and
utilization of net proceeds on the limited partners' capital account
is as follows:
<TABLE>
<S> <C>
Distribution to limited partners $(760,907)
Estimated loss on sale (29,544)
---------
Net decrease in limited partners' capital $(790,451)
=========
</TABLE>
The Pro Forma Statements of Operations for the three months
ended January 31, 1996 and for the year ended October 31, 1995 are
based on the historical Statements of Operations for the Partnership
presented on Form 10-Q and 10-K for the three months ended January 31,
1996 and the year ended October 31, 1995, respectively. In general,
the Pro Forma adjustments represent the elimination of Lindsay's
historical operations for the three months ended January 31, 1996
and for the year ended October 31, 1995.
7
<PAGE> 8
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BOETTCHER PENSION INVESTORS LTD.
--------------------------------
By: Boettcher Properties, Ltd.
General Partner
By: BPL Holdings, Inc.
General Partner
Dated: May 14, 1996 By: /s/ Thomas M. Mansheim
----------------------
Treasurer; Principal Financial
and Accounting Officer of the
Partnership
8
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