<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): February 17, 2000
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 February 17, 2000, New England Pension Properties V; A Real Estate
Limited Partnership (the "Partnership") sold its property located at Locbury
Drive, Germantown, Maryland. The property was sold to an unaffiliated third
party (the "Buyer") for gross proceeds of $2,220,000. The selling price was
determined by arm's length negotiations between the Partnership and the Buyer.
The Partnership received net proceeds of approximately $2,119,000 and recognized
a gain of approximately $561,000.
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: February 29, 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
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New England Pension Properties V EXHIBIT A
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
Joint Venture held for disposition, net .... 4,938,566 0 $ 4,938,566
Property held for disposition, net ......... 1,491,742 (1,491,742)(a) $ 0
Cash and cash equivalents .................. 6,161,741 2,119,005 (a) 8,280,746
------------ ------------ ------------
$ 21,479,317 $ 627,263 $ 22,106,580
============ ============ ============
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 66,600 (b) 1,798,532
------------ ------------ ------------
Total liabilities .......................... 1,888,324 66,600 1,954,924
------------ ------------ ------------
Partners' capital (deficit):
Limited partners ($367 per unit;
160,000 units authorized, 82,228
units issued and outstanding) ...... 19,611,434 555,056 (a) 20,166,490
General partners ..................... (20,441) 5,607 (a) (14,834)
------------ ------------ ------------
Total partners' capital .................... 19,590,993 560,663 20,151,656
------------ ------------ ------------
$ 21,479,317 $ 627,263 $ 22,106,580
============ ============ ============
</TABLE>
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New England Pension Properties V EXHIBIT B
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 0 $ 4,103,360
Interest income on loan to ground lessor ... 142,492 0 142,492
Property operating expenses ................ (949,126) 22,217 (c) (926,909)
Ground rent expense ........................ (390,000) 0 (390,000)
Depreciation and amortization .............. (1,003,722) 0 (1,003,722)
----------- ----------- -------------
1,903,004 22,217 1,925,221
Equity in joint venture earnings ........... 440,440 0 440,440
----------- ----------- -------------
Total real estate activity ............ 2,343,444 22,217 2,365,661
Interest on cash equivalents and
short term investments ................... 488,461 0 488,461
----------- ----------- -------------
Total investment activity ............. 2,831,905 22,217 2,854,122
Portfolio Expenses
Management fee ............................. 401,138 0 401,138
General and administrative ................. 255,287 (3,500)(f) 251,787
----------- ----------- -------------
656,425 (3,500) 652,925
----------- ----------- -------------
Net income ................................. $ 2,175,480 $ 25,717 $ 2,201,197
=========== =========== =============
Net income per weighted average
limited partnership unit ................. $ 26.17 $ 0.31 (d) $ 26.48
=========== =========== =============
Weighted average number of limited
partnership units outstanding during
the year ................................. 82,309 82,309 82,309
=========== =========== =============
</TABLE>
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New England Pension Properties V EXHIBIT C
A Real Estate Limited Partnership
Pro Forma Income Statement
September 30, 1999
Unaudited
<TABLE>
<CAPTION>
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) 19,794 (e) (695,979)
Ground rent expense .................... (292,500) 0 (292,500)
Depreciation and amortization .......... (616,180) 0 (616,180)
----------- ----------- -----------
660,864 19,794 680,658
Joint venture earnings ................. 403,528 0 403,528
Gain on sale of properties ............. 3,475,077 0 3,475,077
----------- ----------- -----------
Total real estate operations ...... 4,539,469 19,794 4,559,263
Interest on cash equivalents and
short term investments ............... 316,967 0 316,967
----------- ----------- -----------
Total investment activity ......... 4,856,436 19,794 4,876,230
Portfolio Expenses
Management fee ......................... 329,405 0 329,405
General and administrative ............. 199,019 0 199,019
----------- ----------- -----------
528,424 0 528,424
----------- ----------- -----------
Net income ............................. $ 4,328,012 $ 19,794 $ 4,347,806
=========== =========== ===========
Net income per limited
partnership unit...................... $ 52.11 $ 0.24 (d) $ 52.35
=========== =========== ===========
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 income 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 appraisal fees incurred during the pro forma period for the
disposed asset discussed in Item 2 herein.
