<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): June 25, 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)
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Item 2. Acquisition or Disposition of Assets.
- ----------------------------------------------
On June 25, 1999, New England Pension Properties V; A Real Estate Limited
Partnership (the "Partnership") sold its properties located at 125 and 205 South
Puente Street, Brea, California. The property was sold to The Brookhollow
Group, which had been employed by the Partnership as the property manager for
the property, (the "Buyer") for gross proceeds of $11,770,000. The selling
price was determined by arm's length negotiations between the Partnership and
the Buyer. The Partnership received net proceeds of approximately $11,567,000
and recognized a gain of approximately $74,000.
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 March 31, 1999 (Exhibit A). The pro forma
income statements are presented for the fiscal year ended December 31, 1998
(Exhibit B) and the period ended March 31, 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: July 9, 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
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EXHIBIT A
New England Pension Properties V
A Real Estate Limited Partnership
Pro Forma Balance Sheet
March 31, 1999
Unaudited
<TABLE>
<CAPTION>
Pro Forma March 31, 1999
March 31, 1999 Adjustment Pro Forma
-------------- ---------- ------------
<S> <C> <C> <C>
ASSETS
Property, Net $26,852,740 $(11,139,877)(a) $15,712,863
Joint Venture 4,841,226 0 $ 4,841,226
Property held for disposition, net 1,491,742 0 $ 1,491,742
Cash and cash equivalents 7,284,092 11,567,385 (a) 18,851,477
----------- ------------ -----------
$40,469,800 $ 427,508 $40,897,308
=========== ============ ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 99,705 0 $ 99,705
Accrued management fee 41,114 0 41,114
Deferred management and disposition fees 1,293,112 353,100 (b) 1,646,212
----------- ------------ -----------
Total liabilities 1,433,931 353,100 1,787,031
----------- ------------ -----------
Partners' capital (deficit):
Limited partners ($616 per unit;
160,000 units authorized, 82,228
units issued and outstanding) 39,066,609 73,664 (a) 39,140,273
General partners (30,740) 744 (a) (29,996)
----------- ------------ -----------
Total partners' capital 39,035,869 74,408 39,110,277
----------- ------------ -----------
$40,469,800 $427,508 $40,897,308
=========== ============ ===========
</TABLE>
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EXHIBIT B
New England Pension Properties V
A Real Estate Limited Partnership
Pro Forma Income Statement
December 31, 1998
Unaudited
<TABLE>
<CAPTION>
Pro Forma December 31, 1998
December 31, 1998 Adjustment Pro Forma
----------------- ---------- --------------
<S> <C> <C> <C>
Investment Activity
Property rentals $ 4,103,360 (992,417)(c) $ 3,110,943
Interest income on loan to ground lessor 142,492 0 142,492
Property operating expenses (949,126) 199,450 (c) (749,676)
Ground rent expense (390,000) 0 (390,000)
Depreciation and amortization (1,003,722) 267,350 (c) (736,372)
----------- ----------- -----------
1,903,004 (525,617) 1,377,387
Equity in joint venture earnings 440,440 0 440,440
----------- ----------- -----------
Total real estate operations 2,343,444 (525,617) 1,817,827
Gain on sale of property 0 74,408 (a) 74,408
----------- ----------- -----------
Total real estate activity 2,343,444 (451,209) 1,892,235
Interest on cash equivalents and short term
investments 488,461 0 488,461
----------- ----------- -----------
Total investment activity 2,831,905 (451,209) 2,380,696
Portfolio Expenses
Management fee 401,138 (72,179)(f) 328,959
General and administrative 255,287 (5,500)(g) 249,787
----------- ----------- -----------
656,425 (77,679) 578,746
----------- ----------- -----------
Net income (loss) $ 2,175,480 $ (373,530) $ 1,801,950
=========== =========== ===========
Net income (loss) per weighted average
limited partnership unit $ 26.17 $ (4.49)(d) $ 21.68
=========== =========== ===========
Weighted average number of limited partnership
units outstanding during the year 82,309 82,309 82,309
=========== =========== ===========
</TABLE>
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EXHIBIT C
New England Pension Properties V
A Real Estate Limited Partnership
Pro Forma Income Statement
March 31, 1999
Unaudited
<TABLE>
<CAPTION>
Pro Forma March 31, 1999
March 31, 1999 Adjustment Pro Forma
-------------- ---------- -------------
<S> <C> <C> <C>
Investment Activity
Property rentals $ 1,010,716 (332,955)(e) $ 677,761
Interest income on loan to ground lessor 34,094 0 34,094
Property operating expenses (268,217) 46,717 (e) (221,500)
Ground rent expense (97,500) 0 (97,500)
Depreciation and amortization (287,620) 91,591 (e) (196,029)
----------- ----------- -----------
391,473 (194,647) 196,826
Joint venture earnings 100,259 0 100,259
Gain on sale of property 0 74,408 (a) 74,408
----------- ----------- -----------
Total real estate operations 491,732 (120,239) 371,493
Interest on cash equivalents and short term
investments 103,652 0 103,652
----------- ----------- -----------
Total investment activity 595,384 (120,239) 475,145
Portfolio Expenses
Management fee 82,228 (17,640)(f) 64,588
General and administrative 68,101 0 68,101
----------- ----------- -----------
150,329 (17,640) 132,689
----------- ----------- -----------
Net income (loss) $ 445,055 $ (102,599) $ 342,456
=========== =========== ===========
Net income (loss) per limited partnership
unit $ 5.36 $ (1.24)(d) $ 4.12
=========== =========== ===========
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 loss 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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