<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 31, 2000
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.)
World Trade Center East
Two Seaport Lane, 16th Fl.
Boston, MA 02210
(Address of principal executive offices) (Zip Code)
(617) 261-9000
Registrant's Telephone Number, Including Area Code
(Former Name or Former Address, if Changed Since Last Report)
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
<PAGE>
Item 2. Acquisition or Disposition of Assets.
----------------------------------------------
New England Life Pension Properties IV; A Real Estate Limited Partnership
(the "Partnership"), owns a 50% partnership interest in MORF 6 Venture (the
"Joint Venture"), a Maryland general partnership organized to own real property.
The remaining 50% is owned by M.O.R.F. 6 Associates Limited Partnership, a
Maryland Limited Partnership ("MORF 6"). On October 31, 2000, the Joint Venture
sold its property located at 5340 and 5350 Spectrum Drive, Frederick, Maryland.
The property was sold to MORF 6 for gross proceeds of $5,941,783. The selling
price was determined by arm's length negotiations between the Partnership and
MORF 6. The Partnership received net proceeds of approximately $5,208,000,
representing a return of capital and accrued priority return totaling
approximately $4,480,000 and its 50% share of residual proceeds of approximately
$729,000. The Partnership recognized a gain of approximately $897,000.
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 June 30, 2000 (Exhibit A). The pro forma income statements
are presented for the fiscal year ended December 31, 1999 (Exhibit B) and the
six month period ended June 30, 2000 (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 13, 2000 NEW ENGLAND LIFE PENSION PROPERTIES IV;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Fourth Copley Corp.
Managing General Partner
By: /s/ Alison L. Husid
---------------------------------
Name: Alison L. Husid
Title: President and Chief Executive Officer
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New England Life Pension Properties IV EXHIBIT A
A Real Estate Limited Partnership
Pro Forma Balance Sheet
June 30, 2000
Unaudited
<TABLE>
<CAPTION>
Pro Form June 30, 2000
June 30, 2000 Adjustment Pro Forma
------------- ----------- -------------
<S> <C> <C> <C>
ASSETS
Joint venture held for disposition, net 4,311,588 (4,311,588)(a) 0
Cash and cash equivalents 2,620,757 5,208,291 (a) 7,829,048
Other net assets 30,123 0 30,123
----------- ----------- -----------
$ 6,962,468 $ 896,703 $ 7,859,171
=========== =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 113,193 $ 0 $ 113,193
Accrued management fee 3,274 0 3,274
Deferred disposition fees 4,467,341 0 4,467,341
----------- ----------- -----------
Total liabilities 4,583,808 0 4,583,808
----------- ----------- -----------
Partners' capital (deficit):
Limited partners ($137 per unit,
120,000 units authorized, 94,997
units issued and outstanding) 2,389,838 887,736 (a) 3,277,574
General partners (11,178) 8,967 (a) (2,211)
----------- ----------- -----------
Total partners' capital 2,378,660 896,703 3,275,363
----------- ----------- -----------
$ 6,962,468 $ 896,703 $ 7,859,171
=========== =========== ===========
</TABLE>
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New England Life Pension Properties IV EXHIBIT B
A Real Estate Limited Partnership
Pro Forma Income Statement
Year Ended December 31, 1999
Unaudited
<TABLE>
<CAPTION>
Year Ended
Year Ended Pro Forma December 31, 1999
December 31, 1999 Adjustment Pro Forma
----------------- ----------- -----------------
<S> <C> <C> <C>
Investment Activity
Property rentals $1,487,638 $ 0 $1,487,638
Property operating expenses (951,623) 0 (951,623)
Depreciation and amortization (83,830) 1,840 (b) (81,990)
----------- ---------- ----------
452,185 1,840 454,025
Amortization (4,441) 0 (4,441)
Equity in joint venture earnings 1,661,176 (666,696)(b) 994,480
----------- ---------- ----------
Total real estate operations 2,108,920 (664,856) 1,444,064
Gain on sale of joint venture 1,927,893 0 1,927,893
Gain on sale of property 3,474,005 0 3,474,005
----------- ---------- ----------
Total real estate activity 7,510,818 (664,856) 6,845,962
Interest on cash equivalents and short term investments 362,547 0 362,547
----------- ---------- ----------
Total investment activity 7,873,365 (664,856) 7,208,509
Portfolio Expenses
Management fee 310,709 (70,200)(e) 240,509
General and administrative 306,275 (4,000)(f) 302,275
----------- ---------- ----------
616,984 (74,200) 542,784
----------- ---------- ----------
Net income (loss) $7,256,381 $(590,656) $6,665,725
=========== ========== ==========
Net income (loss) per limited partnership unit $75.62 $(6.15)(c) $69.47
=========== ========== ==========
Number of limited partnership units
outstanding during the year 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
Six Months Ended June 30, 2000
Unaudited
<TABLE>
<CAPTION>
Six Months Ended
Six Months Ended Pro Forma June 30, 2000
June 30, 2000 Adjustment Pro Forma
---------------- ---------- ----------------
<S> <C> <C> <C>
Investment Activity
Amortization (920) 920 (d) 0
Joint venture earnings 346,053 (346,053)(d) 0
--------- ---------- --------
Total real estate activity 345,133 (345,133) 0
Interest on cash equivalents and short term investments 148,579 0 148,579
--------- ---------- --------
Total investment activity 493,712 (345,133) 148,579
Portfolio Expenses
Management fee 62,350 (26,550)(e) 35,800
General and administrative 174,846 0 174,846
--------- ---------- --------
237,196 (26,550) 210,646
--------- ---------- --------
Net income (loss) $256,516 $(318,583) $(62,067)
========= ========== ========
Net income (loss) per limited partnership unit $2.67 $(3.32)(c) $(0.65)
========= ========== ========
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) Removal of 1999 operating activity related to the disposed asset discussed
in Item 2 herein.
(c) Calculation of net loss per limited partnership unit after the removal of
operating activity related to the disposed asset discussed in Item 2
herein.
(d) Removal of 2000 year-to-date operating activity related to the disposed
asset discussed in Item 2 herein.
(e) Removal of management fees based on distributions received during the pro
forma period from the disposed asset discussed in Item 2 herein.
(f) Removal of appraisal fees incurred during the pro forma period for the
disposed asset discussed in Item 2 herein.
