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Previous: TEMPLETON GROWTH FUND INC, N-30D, 1997-11-10 |
Next: LEHMAN BROTHERS HOLDINGS INC, SC 13G/A, 1997-11-10 |
<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 PENSION PROPERTIES V;
A REAL ESTATE LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Massachusetts
(State or Other Jurisdiction of Incorporation)
0-17808 04-2940131
(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 October 24, 1997, New England Pension Properties V; A Real Estate
Limited Partnership sold its property known as Palms Business Center III & IV
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 $18,000,000. The Partnership received net proceeds of
approximately $17,800,000 and recognized a gain of approximately $8,100,000.
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 PENSION PROPERTIES V;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Fifth Copley Corp.,
Managing General Partner
By: /s/ Wesley M. Gardiner, Jr.
---------------------------------
Name: Wesley M. Gardiner, Jr.
Title: President
<PAGE>
<TABLE>
<CAPTION>
New England Pension Properties V; EXHIBIT A
A Real Estate Limited Partnership
Pro Forma Balance Sheet
September 30, 1997
Unaudited
Pro Forma September 30, 1997
September 30, 1997 Adjustment Pro Forma
------------------ ---------- ---------
<S> <C> <C> <C>
ASSETS
Real estate investments:
Joint ventures $27,409,502 - $27,409,502
Property, net 4,851,322 - 4,851,322
----------------- ----------------- -------------------
32,260,824 - 32,260,824
Property held for disposition 9,222,802 (9,222,802)(a) -
Cash and cash equivalents 8,090,601 17,818,002 (a) 25,908,603
Short-term investments 3,533,233 3,533,233
----------------- ----------------- -------------------
$53,107,460 8,595,200 $61,702,660
================= ================= ===================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $102,979 - $102,979
Accrued management fee 147,137 - 147,137
Deferred management and disposition fees 577,640 540,000 (b) 1,117,640
----------------- ----------------- -------------------
Total liabilities 827,756 540,000 1,367,756
----------------- ----------------- -------------------
Partners' capital (deficit):
Limited partners ($832 per unit;
160,000 units authorized, 82,336
units issued and outstanding) 52,356,469 7,974,648 (a) 60,331,117
General partners (76,765) 80,552 (a) 3,787
----------------- ----------------- -------------------
Total partners' capital 52,279,704 8,055,200 60,334,904
----------------- ----------------- -------------------
$53,107,460 $8,595,200 $61,702,660
================= ================= ===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
New England Pension Properties V; EXHIBIT B
A Real Estate Limited Partnership
Pro Forma Income Statement
December 31, 1996
Unaudited
Pro Forma December 31, 1996
December 31, 1996 Adjustment Pro Forma
----------------- ---------- ---------
<S> <C> <C> <C>
Investment Activity
Property rentals $6,566,057 (1,664,805)(c) $4,901,252
Interest income on loan to ground lessor 185,379 - 185,379
Property operating expenses (1,775,678) 324,203 (c) (1,451,475)
Ground rent expense (390,000) - (390,000)
Depreciation and amortization (1,403,481) 346,036 (c) (1,057,445)
------------------- --------------- ------------------
3,182,277 (994,566) 2,187,711
Joint venture earnings 360,214 - 360,214
------------------- --------------- ------------------
Total real estate operations 3,542,491 (994,566) 2,547,925
Gain on sale of property - 8,055,200 (a) 8,055,200
------------------- --------------- ------------------
Total real estate activity 3,542,491 7,060,634 10,603,125
Interest on cash equivalents and short term investments 604,959 - 604,959
------------------- --------------- ------------------
Total investment activity 4,147,450 7,060,634 11,208,084
Portfolio Expenses
Management fee 456,846 (112,594)(f) 344,252
General and administrative 298,070 (5,700)(g) 292,370
------------------- --------------- ------------------
754,916 (118,294) 636,622
------------------- --------------- ------------------
Net income $3,392,534 $7,178,928 $10,571,462
=================== =============== ==================
Net income per weighted average limited partnership unit $40.72 $86.16(d) $126.88
=================== =============== ==================
Weighted average number of limited partnership units
outstanding during the period 82,486 82,486 82,486
=================== =============== ==================
</TABLE>
<PAGE>
New England Pension Properties V; 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
------------------ ---------- ---------
<S> <C> <C> <C>
Investment Activity
Property rentals $4,745,038 (1,312,755)(e) $3,432,283
Interest income on loan to ground lessor 112,205 - 112,205
Property operating expenses (1,134,628) 259,010 (e) (875,618)
Ground rent expense (292,500) - (292,500)
Depreciation and amortization (1,106,995) 285,069 (e) (821,926)
---------------------- ----------------- ------------------
2,323,120 (768,676) 1,554,444
Joint venture earnings 301,618 - 301,618
---------------------- ----------------- ------------------
Total real estate operations 2,624,738 (768,676) 1,856,062
Gain on sales of property 2,160,404 8,055,200 (a) 10,215,604
---------------------- ----------------- ------------------
Total real estate activity 4,785,142 7,286,524 12,071,666
Interest on cash equivalents and short term investments 492,024 - 492,024
---------------------- ----------------- ------------------
Total investment activity 5,277,166 7,286,524 12,563,690
Portfolio Expenses
Management fee 384,891 (86,286)(f) 298,605
General and administrative 236,242 - 236,242
---------------------- ----------------- ------------------
621,133 (86,286) 534,847
---------------------- ----------------- ------------------
Net income $4,656,033 $7,372,810 $12,028,843
====================== ================= ==================
Net income per weighted average
limited partnership unit $55.94 $88.58 (d) $144.52
====================== ================= ==================
Weighted average number of limited partnership units
outstanding during the period 82,401 82,401 82,401
====================== ================= ==================
</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.
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