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Previous: FRANKLIN MANAGED TRUST, DEF 14A, 1999-09-10 |
Next: LEHMAN BROTHERS HOLDINGS INC, 424B2, 1999-09-10 |
<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): August 27, 1999
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 August 27, 1999, New England Pension Properties V; A Real Estate Limited
Partnership (the "Partnership") sold its real property located at 13201 Dahlia
Street, Fontana, California. The property was sold to an unaffiliated third
party (the "Buyer") for gross proceeds of $9,900,000. The selling price was
determined by arm's length negotiations between the Partnership and the Buyer.
The Partnership received net proceeds of approximately $9,730,000 and recognized
a gain of approximately $2,990,000.
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, 1999 (Exhibit A). The pro forma income statements
are presented for the fiscal year ended December 31, 1998 (Exhibit B) and the
six month period ended June 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: September 10, 1999 NEW ENGLAND PENSION PROPERTIES V;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Fifth Copley Corp.,
Managing General Partner
By:/s/ Alison Husid Cutler
---------------------------------
Name: Alison Husid Cutler
Title: President, Chief Executive Officer
and Director
<PAGE>
New England Pension Properties V
A Real Estate Limited Partnership
Pro Forma Balance Sheet
June 30, 1999
Unaudited
EXHIBIT A
<TABLE>
<CAPTION>
Pro Forma June 30, 1999
June 30, 1999 Adjustment Pro Forma
------------- ---------- ---------
<S> <C> <C> <C>
ASSETS
Property, Net $15,598,771 $(6,443,482)(a) $ 9,155,289
Joint Venture 4,856,955 0 $ 4,856,955
Property held for disposition, net 1,491,742 0 $ 1,491,742
Cash and cash equivalents 18,680,758 9,730,384 (a) 28,411,142
----------- ----------- -----------
$40,628,226 $ 3,286,902 $43,915,128
=========== =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $94,931 0 $ 94,931
Accrued management fee 199,943 0 199,943
Deferred management and disposition fees 1,646,212 297,000 (b) 1,943,212
----------- ----------- -----------
Total liabilities 1,941,086 297,000 2,238,086
----------- ----------- -----------
Partners' capital (deficit):
Limited partners ($616 per unit;
160,000 units authorized, 82,228
units issued and outstanding) 38,721,368 2,960,003 (a) 41,681,371
General partners (34,228) 29,899 (a) (4,329)
----------- ----------- -----------
Total partners' capital 38,687,140 2,989,902 41,677,042
----------- ----------- -----------
$40,628,226 $ 3,286,902 $43,915,128
=========== =========== ===========
</TABLE>
<PAGE>
New England Pension Properties V
A Real Estate Limited Partnership
Pro Forma Income Statement
Year Ended December 31, 1998
Unaudited
EXHIBIT B
<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 $ 4,103,360 (1,230,444)(c) $2,872,916
Interest income on loan to ground lessor 142,492 0 142,492
Property operating expenses (949,126) 218,521 (c) (730,605)
Ground rent expense (390,000) 0 (390,000)
Depreciation and amortization (1,003,722) 291,033 (c) (712,689)
----------- ----------- ----------
1,903,004 (720,890) 1,182,114
Equity in joint venture earnings 440,440 0 440,440
----------- ----------- ----------
Total real estate operations 2,343,444 (720,890) 1,622,554
Gain on sale of property 0 2,989,902 (a) 2,989,902
----------- ----------- ----------
Total real estate activity 2,343,444 2,269,012 4,612,456
Interest on cash equivalents and short term investments 488,461 0 488,461
----------- ----------- ----------
Total investment activity 2,831,905 2,269,012 5,100,917
Portfolio Expenses
Management fee 401,138 (55,800)(f) 345,338
General and administrative 255,287 (5,500)(g) 249,787
----------- ----------- ----------
656,425 (61,300) 595,125
----------- ----------- ----------
Net income $ 2,175,480 $ 2,330,312 $4,505,792
=========== =========== ==========
Net income per weighted average limited partnership unit $ 26.17 $ 28.03 (d) $54.20
=========== =========== ==========
Weighted average number of limited partnership units
outstanding during the year 82,309 82,309 82,309
=========== =========== ==========
</TABLE>
<PAGE>
New England Pension Properties V
A Real Estate Limited Partnership
Pro Forma Income Statement
Six Months Ended June 30, 1999
Unaudited
EXHIBIT C
<TABLE>
<CAPTION>
Six Months Ended
Six Months Ended Pro Forma June 30, 1999
June 30, 1999 Adjustment Pro Forma
------------- ---------- ---------
<S> <C> <C> <C>
Investment Activity
Property rentals $1,944,408 (544,216)(e) $1,400,192
Interest income on loan to ground lessor $ 67,832 0 67,832
Property operating expenses (499,721) 107,967 (e) (391,754)
Ground rent expense (195,000) 0 (195,000)
Depreciation and amortization (485,180) 153,566 (e) (331,614)
---------- ---------- ----------
832,339 (282,683) 549,656
Joint venture earnings 218,952 0 218,952
Gain on sale of property 107,705 2,989,902 (a) 3,097,607
---------- ---------- ----------
Total real estate operations 1,158,996 2,707,219 3,866,215
Interest on cash equivalents and short term investments 188,056 0 188,056
---------- ---------- ----------
Total investment activity 1,347,052 2,707,219 4,054,271
Portfolio Expenses
Management fee 282,171 (46,800)(f) 235,371
General and administrative 137,139 0 137,139
---------- ---------- ----------
419,310 (46,800) 372,510
---------- ---------- ----------
Net income $ 927,742 $2,754,019 $3,681,761
========== ========== ==========
Net income per limited partnership unit $ 11.17 $ 33.16 (d) $ 44.33
========== ========== ==========
Number of limited partnership units
outstanding during the period 82,228 82,228 82,228
========== ========== ==========
</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 gain 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 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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