<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): December 20, 1999
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.
- ----------------------------------------------
New England Life Pension Properties IV; A Real Estate Limited Partnership
(the "Partnership") owns a 69.5% partnership interest in Gateway 51 Partnership
(the "Joint Venture"), a general partnership organized to own real property. The
remaining 30.5% is owned by New England Pension Properties V; A Real Estate
Limited Partnership, an affiliate of the Partnership. On December 20, 1999, the
Joint Venture sold its property located at 7130-7150 Columbia Gateway Drive,
Columbia, Maryland. The property was sold to an unaffiliated third party (the
"Buyer") for gross proceeds of $19,850,000, of which the Partnership's share was
$13,795,750. The selling price was determined by arms-length negotiation
between the Joint Venture and the Buyer. The Partnership received its 69.5%
share of the net proceeds, approximately $13,425,000, and recognized a gain of
approximately $1,505,000.
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 as of September 30, 1999 (Exhibit A). The pro forma income
statements are presented for the fiscal year ended December 31, 1998 (Exhibit B)
and the nine month period ended September 30, 1999 (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: January 3, 2000 NEW ENGLAND LIFE PENSION PROPERTIES IV;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Fourth Copley Corp.,
Managing General Partner
By: /s/ Alison Husid Cutler
-----------------------
Name: Alison Husid Cutler
Title: President, Chief Executive
Officer and Director
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EXHIBIT A
New England Life Pension Properties IV
A Real Estate Limited Partnership
Pro Forma Balance Sheet
September 30, 1999
Unaudited
<TABLE>
<CAPTION>
Pro Forma September 30, 1999
September 30, 1999 Adjustment Pro Forma
------------------ ---------- ------------------
<S> <C> <C> <C>
ASSETS
Joint Venture $4,301,103 $0 $4,301,103
Joint Venture, held for disposition, net 11,506,397 (11,506,397)(a) 0
Other net assets 146,489 0 146,489
Cash and cash equivalents 18,656,254 13,425,371 (a) 32,081,625
------------------ ----------------- ------------------
$34,610,243 $1,918,974 $36,529,217
================== ================= ==================
LIABILITIES AND PARTNERS'CAPITAL
Accounts payable $155,839 $0 $155,839
Accrued management fee 146,719 0 146,719
Deferred management and disposition fees 4,680,003 413,872 (b) 5,093,875
------------------ ----------------- ------------------
Total liabilities 4,982,561 413,872 5,396,433
================== ================= ==================
Partners' capital (deficit):
Limited partners ($422 per unit;
120,000 units authorized, 94,997
units issued and outstanding) 29,637,112 1,490,051 (a) 31,127,163
General partners (9,430) 15,051 (a) 5,621
------------------ ---------------- -------------------
29,627,682 1,505,102 31,132,784
------------------ ---------------- -------------------
Total partners' capital $34,610,243 $1,918,974 $36,529,217
================== ================= ==================
</TABLE>
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<PAGE>
EXHIBIT B
New England Life Pension Properties IV
A Real Estate Limited Partnership
Pro Forma Income Statement
Year Ended December 31, 1998
Unaudited
<TABLE>
<CAPTION>
Year Ended
Year Ended Pro Forma December 31, 1998
December 31, 1998 Adjustment Pro Forma
----------------- ----------------- -----------------
<S> <C> <C> <C>
Investment Activity
Property rentals $2,907,757 $0 $2,907,757
Property operating expenses (1,358,566) 0 (1,358,566)
Depreciation and amortization (549,260) 0 (549,260)
------------------ ----------------- -----------------
999,931 0 999,931
Joint venture earnings 1,515,033 (1,003,627)(b) 511,406
Amortization (5,308) 3,468 (b) (1,840)
------------------ ----------------- -----------------
Total real estate operations 2,509,656 (1,000,159) 1,509,497
Gain on sales of property 3,742,541 0 3,742,541
------------------ ----------------- ------------------
Total real estate activity 6,252,197 (1,000,159) 5,252,038
Interest on cash equivalents and short
term investments 396,197 0 396,197
------------------ ----------------- ------------------
Total investment activity 6,648,394 (1,000,159) 5,648,235
Portfolio Expenses
Management fee 333,771 (88,309)(f) 245,462
General and administrative 325,912 (5,908)(g) 320,004
------------------- ----------------- ------------------
659,683 (94,217) 565,466
------------------- ----------------- ------------------
Net income (loss) $5,988,711 ($905,942) $5,082,769
=================== ================= ==================
Net income (loss)
per limited partnership unit $62.41 ($9.44)(d) $52.97
=================== ================= ==================
Number of limited partnership units
outstanding during the year 94,997 94,997 94,997
=================== ================= ==================
</TABLE>
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<PAGE>
EXHIBIT C
New England Life Pension Properties IV
A Real Estate Limited Partnership
Pro Forma Income Statement
Nine Months Ended September 30, 1999
Unaudited
<TABLE>
<CAPTION>
Nine Months Ended
Nine Months Ended Pro Forma September 30, 1999
September 30, 1999 Adjustment Pro Forma
------------------ ---------- ------------------
<S> <C> <C> <C>
Investment Activity
Property rentals $1,480,349 $0 $1,480,349
Property operating expenses (889,448) 0 (889,448)
Depreciation and amortization (83,830) 0 (83,830)
------------------ ----------- -----------------
507,071 0 507,071
Joint venture earnings 1,430,398 (919,514)(e) 510,884
Amortization (3,981) 2,601 (e) (1,380)
Total real estate operations 1,933,488 (916,913) 1,016,575
Gain on sale of property 3,474,005 0 3,474,005
------------------ ----------- -----------------
Total real estate activity 5,407,493 (916,913) 4,490,580
Interest on cash equivalents and short term
investments 220,374 0 220,374
------------------ ----------- -----------------
Total investment activity 5,627,867 (916,913) 4,710,954
Portfolio Expenses
Management fee 261,930 (63,050)(f) 198,880
General and administrative 219,092 0 219,092
------------------ ----------- -----------------
481,022 (63,050) 417,972
------------------ ----------- -----------------
Net income (loss) $5,146,845 ($853,863) $4,292,982
================== =========== =================
Net income (loss) per limited partnership unit $53.64 ($8.90)(d) $44.74
================== =========== =================
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 to the Partners on such disposition.
(b) Disposition fee incurred in connection with the disposition of the asset
discussed in Item 2 herein.
(c) Removal of 1998 operating activity related to the disposed asset discussed
in Item 2 herein.
(d) Calculation of net loss per limited partnership unit after the removal of
operating activity related to the disposed asset discussed in Item 2 herein.
(e) Removal of 1999 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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