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Previous: AMERICAN INDUSTRIAL PROPERTIES REIT INC, 8-K/A, 1998-10-02 |
Next: MIMBRES VALLEY FARMERS ASSOCIATION INC, DEF 14A, 1998-10-02 |
<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): September 23, 1998
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)
<PAGE>
Item 2. Acquisition or Disposition of Assets.
- ----------------------------------------------
On September 23, 1998, New England Life Pension Properties IV; A Real
Estate Limited Partnership (the "Partnership") sold its property known as Metro
Business Center located in Phoenix, AZ. The property was sold to an
unaffiliated third party (the "Buyer") for gross proceeds of $9,900,000. The
terms of the sale were determined by arm's length negotiation between the Buyer
and the Partnership. The Partnership received net proceeds of approximately
$9,730,000 and recognized a gain of approximately $3,767,000.
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 June 30, 1998 (Exhibit A). The pro forma
income statements are presented for the fiscal year ended December 31, 1997
(Exhibit B) and the period ended June 30, 1998 (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: October 2, 1998 NEW ENGLAND LIFE PENSION PROPERTIES IV;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Fourth Copley Corp.,
Managing General Partner
By: /s/ Scott W. Edwards
---------------------------------
Name: Scott W. Edwards
Title: President, Chief Executive
Officer and Director
<PAGE>
New England Life Pension Properties IV EXHIBIT A
A Real Estate Limited Partnership
Pro Forma Balance Sheet
June 30, 1998
Unaudited
<TABLE>
<CAPTION>
Pro Forma June 30, 1998
June 30, 1998 Adjustment Pro Forma
------------- ---------- ---------
<S> <C> <C> <C>
ASSETS
Real estate investments:
Joint ventures $16,047,855 - $16,047,855
Property, net 14,672,556 (5,666,301)(a) 9,006,255
------------ ----------- ------------
30,720,411 (5,666,301) 25,054,110
Cash and cash equivalents 6,949,194 9,730,100 (a) 16,679,294
------------ ----------- ------------
$37,669,605 $4,063,799 $41,733,404
============ =========== ============
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 99,124 - $ 99,124
Accrued management fee 34,212 - 34,212
Deferred management fees 2,579,535 - 2,579,535
Deferred disposition fees 1,694,879 297,000 (b) 1,991,879
------------ ----------- ------------
Total liabilities 4,407,750 297,000 4,704,750
------------ ----------- ------------
Partners' capital (deficit):
Limited partners ($524 per unit;
120,000 units authorized, 94,997
units issued and outstanding) 33,331,839 3,729,131 (a) 37,060,970
General partners (69,984) 37,668 (a) (32,316)
------------ ----------- ------------
Total partners' capital 33,261,855 3,766,799 37,028,654
------------ ----------- ------------
$37,669,605 $4,063,799 $41,733,404
============ =========== ============
</TABLE>
<PAGE>
New England Life Pension Properties IV EXHIBIT B
A Real Estate Limited Partnership
Pro Forma Income Statement
December 31, 1997
Unaudited
<TABLE>
<CAPTION>
Pro Forma December 31, 1997
December 31, 1997 Adjustment Pro Forma
----------------- ---------- ----------
<S> <C> <C> <C>
Investment Activity
Property rentals $ 4,981,451 (1,057,023)(c) $ 3,924,428
Property operating expenses (2,028,830) 325,736 (c) (1,703,094)
Depreciation and amortization (921,501) 236,902 (c) (684,599)
------------- ----------- -------------
2,031,120 (494,385) 1,536,735
Joint venture earnings 900,050 - 900,050
Amortization (5,308) - (5,308)
------------- ----------- -------------
Total real estate operations 2,925,862 (494,385) 2,431,477
Gain on sales of property 10,482,458 3,766,799 (a) 14,249,257
------------- ----------- -------------
Total real estate activity 13,408,320 3,272,414 16,680,734
Interest on cash equivalents and short
term investments 473,796 - 473,796
------------- ----------- -------------
Total investment activity 13,882,116 3,272,414 17,154,530
Portfolio Expenses
Management fee 352,468 (49,390)(f) 303,078
General and administrative 318,489 (4,200)(g) 314,289
------------- ----------- -------------
670,957 (53,590) 617,367
------------- ----------- -------------
Net income $13,211,159 $3,326,004 $16,537,163
============= =========== =============
Net income per limited partnership unit $ 137.68 $ 34.66 (d) $ 172.34
============= =========== =============
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
June 30, 1998
Unaudited
<TABLE>
<CAPTION>
Pro Forma June 30, 1998
June 30, 1998 Adjustment Pro Forma
------------- ---------- -----------
<S> <C> <C> <C>
Investment Activity
Property rentals $1,652,565 (597,969)(e) $1,054,596
Property operating expenses (702,231) 134,870 (e) (567,361)
Depreciation and amortization (308,811) 141,375 (e) (167,436)
-------------- ----------- ------------
641,523 (321,724) 319,799
Joint venture earnings 726,629 - 726,629
Amortization (2,654) - (2,654)
-------------- ----------- ------------
Total real estate operations 1,365,498 (321,724) 1,043,774
Gain on sale of property - 3,766,799 (a) 3,766,799
-------------- ----------- ------------
Total real estate activity 1,365,498 3,445,075 4,810,573
Interest on cash equivalents and short
term investments 174,749 - 174,749
-------------- ----------- ------------
Total investment activity 1,540,247 3,445,075 4,985,322
Portfolio Expenses
Management fee 136,849 (27,540)(f) 109,309
General and administrative 171,223 - 171,223
-------------- ----------- ------------
308,072 (27,540) 280,532
-------------- ----------- ------------
Net income $1,232,175 $3,472,615 $4,704,790
============== =========== ============
Net income per limited partnership unit $ 12.84 $ 36.19 (d) $ 49.03
============== =========== ============
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 disposition to the Partners.
(b) Disposition fee incurred in connection with the disposition of the asset
discussed in Item 2 herein.
(c) Removal of 1997 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 1998 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.
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