<PAGE>
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): October 24, 1997
NEW ENGLAND LIFE PENSION PROPERTIES IV;
A REAL ESTATE LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Massachusetts
(State or Other Jurisdiction of Incorporation)
0-15429 04-2893298
(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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Item 2. Acquisition or Disposition of Assets.
- ----------------------------------------------
On October 24, 1997, New England Life Pension Properties IV; A Real
Estate Limited Partnership sold its property known as Palms Business Center
North & South located in Las Vegas, NV. The property was sold to an
institutional buyer (the "Buyer") which is unaffiliated with the Partnership.
The selling price was determined by arm's length negotiations between the
Partnership and the Buyer. The property was sold for $23,200,000. The
Partnership received net proceeds of approximately $23,000,000 and recognized a
gain of approximately $10,600,000.
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 September 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 September 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 10, 1997 NEW ENGLAND LIFE PENSION PROPERTIES IV;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Fourth Copley Corp.,
Managing General Partner
By: /s/ Wesley M. Gardiner, Jr.
---------------------------------
Name: Wesley M. Gardiner, Jr.
Title: President
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New England Life Pension Properties IV; EXHIBIT A
A Real Estate Limited Partnership
Pro Forma Balance Sheet
September 30, 1997
Unaudited
<TABLE>
<CAPTION>
Pro Forma September 30, 1997
September 30, 1997 Adjustment Pro Forma
------------------ ---------- ---------
ASSETS
<S> <C> <C> <C>
Real estate investments:
Joint ventures $ 16,288,049 -- $ 16,288,049
Property, net 15,063,036 -- 15,063,036
------------------ ---------------- --------------------
31,351,085 -- 31,351,085
Property held for disposition 11,664,190 (11,664,190)(a) --
Cash and cash equivalents 5,110,686 22,977,750 (a) 28,088,436
Short-term investments 2,384,063 2,384,063
------------------ ---------------- --------------------
$ 50,510,024 11,313,560 $ 61,823,584
================== ================ ====================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 120,684 -- $ 120,684
Accrued management fee 45,458 -- 45,458
Deferred management and disposition fees 3,470,130 696,000 (b) 4,166,130
------------------ ---------------- --------------------
Total liabilities 3,636,272 696,000 4,332,272
----------------- --------------- -------------------
Partners' capital (deficit):
Limited partners ($766 per unit;
120,000 units authorized, 94,997
units issued and outstanding) 47,037,511 10,511,384 (a) 57,548,895
General partners (163,759) 106,176 (a) (57,583)
----------------- --------------- -------------------
Total partners' capital 46,873,752 10,617,560 57,491,312
----------------- --------------- -------------------
$ 50,510,024 $ 11,313,560 $ 61,823,584
================= =============== ===================
</TABLE>
<PAGE>
New England Life Pension Properties IV; 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
----------------- ---------- ---------
Investment Activity
<S> <C> <C> <C>
Property rentals $ 4,173,714 (2,337,133)(c) $ 1,836,581
Property operating expenses (1,557,362) 530,495 (c) (1,026,867)
Depreciation and amortization (805,522) 449,869 (c) (355,653)
----------------- --------------- -------------------
1,810,830 (1,356,769) 454,061
Joint venture earnings 1,980,804 -- 1,980,804
Amortization (12,928) -- (12,928)
----------------- --------------- -------------------
Total real estate operations 3,778,706 (1,356,769) 2,421,937
Gain on sales of property 1,055,591 10,617,560 (a) 11,673,151
----------------- --------------- -------------------
Total real estate activity 4,834,297 9,260,791 14,095,088
Interest on cash equivalents and short term investments 372,010 -- 372,010
----------------- --------------- -------------------
Total investment activity 5,206,307 9,260,791 14,467,098
Portfolio Expenses
Management fee 481,249 (144,315)(f) 336,934
General and administrative 332,545 (7,000)(g) 325,545
----------------- --------------- -------------------
813,794 (151,315) 662,479
----------------- --------------- -------------------
Net income $ 4,392,513 $ 9,412,106 $ 13,804,619
================= =============== ===================
Net income per limited partnership unit $ 45.78 $ 98.09 (d) $ 143.87
================= =============== ===================
Number of limited partnership units
outstanding during the period 94,997 94,997 94,997
================= =============== ===================
</TABLE>
<PAGE>
New England Life Pension Properties IV; EXHIBIT C
A Real Estate Limited Partnership
Pro Forma Income Statement
September 30, 1997
Unaudited
<TABLE>
<CAPTION>
Pro Forma September 30, 1997
September 30, 1997 Adjustment Pro Forma
------------------ ---------- ---------
Investment Activity
<S> <C> <C> <C>
Property rentals $ 4,148,923 (1,886,550)(e) $ 2,262,373
Property operating expenses (1,572,417) 480,336 (e) (1,092,081)
Depreciation and amortization (760,523) 338,180 (e) (422,343)
----------------- --------------- -------------------
1,815,983 (1,068,034) 747,949
Joint venture earnings 1,087,706 -- 1,087,706
Amortization (3,981) -- (3,981)
----------------- --------------- -------------------
Total real estate operations 2,899,708 (1,068,034) 1,831,674
Gain on sale of property 0 10,617,560 (a) 10,617,560
----------------- --------------- -------------------
Total real estate activity 2,899,708 9,549,526 12,449,234
Interest on cash equivalents and short term investments 276,071 -- 276,071
----------------- --------------- -------------------
Total investment activity 3,175,779 9,549,526 12,725,305
Portfolio Expenses
Management fee 272,749 (106,751)(f) 165,998
General and administrative 254,217 -- 254,217
----------------- --------------- -------------------
526,966 (106,751) 420,215
----------------- --------------- -------------------
Net income $ 2,648,813 $ 9,656,277 $ 12,305,090
================= =============== ===================
Net income per limited partnership unit $ 27.60 $ 100.63 (d) $ 128.23
================= =============== ===================
Number of limited partnership units
outstanding during the period 94,997 94,997 94,997
================= =============== ===================
</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 fees incurred during the pro forma period for the
disposed asset discussed in Item 2 herein.
