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Previous: TEMPLETON GROWTH FUND INC, 497, 2000-01-03 |
Next: GABELLI FUNDS INC ET AL, SC 13D/A, 2000-01-03 |
<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 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.
- ----------------------------------------------
New England Pension Properties V; A Real Estate Limited Partnership (the
"Partnership") owns a 30.5% partnership interest in Gateway 51 Partnership (the
"Joint Venture"), a general partnership organized to own real property. The
remaining 69.5% is owned by New England Life 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
$6,054,250. The selling price was determined by arms-length negotiation between
the Joint Venture and the Buyer. The Partnership received its 30.5% share of
the net proceeds, approximately $5,892,000, and recognized a gain of
approximately $772,000.
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 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
2
<PAGE>
EXHIBIT A
New England Pension Properties V
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
Property, Net $ 8,887,268 $ 0 $8,887,268
Property held for disposition, net 1,491,742 0 1,491,742
Joint venture, held for disposition, net 4,938,566 $(4,938,566)(a) 0
Cash and cash equivalents 6,161,741 5,891,711 (a) 12,053,452
----------- ----------- -----------
$21,479,317 $ 953,145 $22,432,462
=========== =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 132,775 $0 $132,775
Accrued management fee 23,617 0 23,617
Deferred management and disposition fees 1,731,932 181,628 (b) 1,913,560
----------- ----------- -----------
Total liabilities 1,888,324 181,628 2,069,952
----------- ----------- -----------
Partners' capital (deficit):
Limited partners ($367 per unit;
160,000 units authorized, 82,228
units issued and outstanding) 19,611,434 763,802 (a) 20,375,236
General partners (20,441) 7,715 (a) (12,726)
----------- ----------- -----------
Total partners' capital 19,590,993 771,517 20,362,510
----------- ----------- -----------
$21,479,317 $ 953,145 $22,432,462
=========== =========== ===========
</TABLE>
3
<PAGE>
EXHIBIT B
New England Pension Properties V
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 $ 4,103,360 $ 0 $4,103,360
Interest income on loan to ground lessor 142,492 0 142,492
Property operating expenses (949,126) 0 (949,126)
Ground rent expense (390,000) 0 (390,000)
Depreciation and amortization (1,003,722) 1,940 (c) (1,001,782)
----------- ----------- -----------
1,903,004 1,940 1,904,944
Equity in joint venture earnings 440,440 (440,440)(c) 0
----------- ----------- -----------
Total real estate activity 2,343,444 (438,500) 1,904,944
Interest on cash equivalents and short
term investments 488,461 0 488,461
----------- ----------- -----------
Total investment activity 2,831,905 (438,500) 2,393,405
Portfolio Expenses
Management fee 401,138 (38,754)(f) 362,384
General and administrative 255,287 (2,593)(g) 252,694
----------- ----------- -----------
656,425 (41,347) 615,078
----------- ----------- -----------
Net income (loss) $ 2,175,480 $ (397,153) $1,778,327
=========== =========== ==========
Net income (loss) per weighted average
limited partnership unit $ 26.17 $ (4.78)(d) $ 21.39
=========== =========== ==========
Weighted average number of limited
partnership units outstanding during the year 82,309 82,309 82,309
=========== =========== ==========
</TABLE>
4
<PAGE>
EXHIBIT C
New England Pension Properties V
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 $2,183,952 $0 $2,183,952
Interest income on loan to ground lessor $101,365 0 101,365
Property operating expenses (715,773) 0 (715,773)
Ground rent expense (292,500) 0 (292,500)
Depreciation and amortization (616,180) 1,455 (e) (614,725)
----------- ----------- -----------
660,864 1,455 662,319
Joint venture earnings 403,528 (403,528)(e) 0
----------- ----------- -----------
Total real estate operations 1,064,392 (402,073) 662,319
Gain on sale of wholly-owned properties 3,475,077 0 3,475,077
----------- ----------- -----------
Total real estate activity 4,539,469 (402,073) 4,137,396
Interest on cash equivalents and short term investments 316,967 0 316,967
----------- ----------- -----------
Total investment activity 4,856,436 (402,073) 4,454,363
Portfolio Expenses
Management fee 329,405 (27,672)(f) 301,733
General and administrative 199,019 0 199,019
----------- ----------- -----------
528,424 (27,672) 500,752
----------- ----------- -----------
Net income (loss) $4,328,012 ($374,401) $3,953,611
=========== =========== ==========
Net income (loss) per limited partnership unit $52.11 ($4.51)(d) $47.60
=========== =========== ==========
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 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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