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Previous: VARIABLE INVESTORS SERIES TRUST /MA/, PRES14A, 1999-03-09 |
Next: MERIDIAN INSURANCE GROUP INC, PRER14A, 1999-03-09 |
<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 26, 1999
COPLEY REALTY INCOME PARTNERS 2; A LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in its Charter)
Massachusetts
(State or Other Jurisdiction of Incorporation)
0-17810 04-2961376
(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 February 26, 1999, Copley Realty Income Partners 2; A Limited
Partnership (the "Partnership") sold all of its interest in a property located
at 14930 East Alondra Blvd., La Mirada, California. The property was sold to an
unaffiliated third party (the "buyer") for gross proceeds of $7,150,000. The
selling price was determined by arm's length negotiations between the
Partnership and the buyer. The Partnership received net proceeds of
approximately $6,900,000 and recognized a gain of approximately $700,000 on the
sale.
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, 1998 (Exhibit A). The pro forma
income statements are presented for the fiscal year ended December 31, 1997
(Exhibit B) and the period ended September 30, 1998 (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: March 9, 1999 COPLEY REALTY INCOME PARTNERS 2;
A LIMITED PARTNERSHIP
(Registrant)
By: Second Income Corp.,
Managing General Partner
J. Christopher Meyer, III
---------------------------------
Name: J. Christopher Meyer, III
Title: President, Chief Executive
Officer and Director
<PAGE>
Copley Realty Income Partners 2; EXHIBIT A
A Limited Partnership
Pro Forma Balance Sheet
September 30, 1998
Unaudited
<TABLE>
<CAPTION>
Pro Forma September 30, 1998
September 30, 1998 Adjustment Pro Forma
------------------ ---------- ---------
<S> <C> <C> <C>
ASSETS
Property, Net $6,232,187 ($6,232,187)(a) $ 0
Cash and cash equivalents 1,554,854 6,955,515 (a) 8,510,369
Short-term investments 0 0 0
---------- ---------- -----------
$7,787,041 $ 723,328 $ 8,510,369
========== ========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 37,056 0 $ 37,056
Accrued management fee 104,062 0 104,062
Deferred disposition fee 225,840 0 225,840
---------- ---------- -----------
Total liabilities 366,958 0 366,958
---------- ---------- -----------
Partners' capital (deficit):
Limited partners ($781 per unit;
100,000 units authorized, 32,767
units issued and outstanding) 7,564,088 716,095 (a) 8,280,183
General partners (144,005) 7,233 (a) (136,772)
---------- ---------- -----------
Total partners' capital 7,420,083 723,328 8,143,411
---------- ---------- -----------
$7,787,041 $ 723,328 $ 8,510,369
========== ========== ===========
</TABLE>
<PAGE>
Copley Realty Income Partners 2; EXHIBIT B
A Limited Partnership
Pro Forma Income Statement
December 31, 1997
Unaudited
<TABLE>
<CAPTION>
Pro Forma December 31, 1997
December 31, 1997 Adjustment Pro Forma
----------------- ---------- ---------
<S> <C> <C> <C>
Investment Activity
Property rentals $ 1,419,767 (811,199)(b) $ 608,568
Property operating expenses (196,567) 121,304 (b) (75,263)
Depreciation and amortization (415,746) 397,746 (b) (18,000)
------------------- -------------- --------------------
807,454 (292,149) 515,305
Joint venture earnings 54,694 0 54,694
------------------- -------------- --------------------
Total real estate operations 862,148 (292,149) 569,999
Gain on sale of property 517,693 723,328 (a) 1,241,021
------------------- -------------- --------------------
Total real estate activity 1,379,841 431,179 1,811,020
Interest on cash equivalents and short term investments 267,525 0 267,525
------------------- -------------- --------------------
Total investment activity 1,647,366 431,179 2,078,545
Portfolio Expenses
Management fee 505,722 (60,300)(e) 445,422
General and administrative 99,305 (3,250)(f) 96,055
------------------- -------------- --------------------
605,027 (63,550) 541,477
------------------- -------------- --------------------
Net income $ 1,042,339 $ 494,729 $ 1,537,068
=================== ============== ====================
Net income per limited partnership unit $ 31.46 $ 14.93 (c) $ 46.39
=================== ============== ====================
Number of limited partnership units
outstanding during the period 32,806 32,806 32,806
=================== ============== ====================
</TABLE>
<PAGE>
Copley Realty Income Partners 2; EXHIBIT C
A Limited Partnership
Pro Forma Income Statement
September 30, 1998
Unaudited
<TABLE>
<CAPTION>
Pro Forma September 30, 1998
September 30, 1998 Adjustment Pro Forma
------------------ ---------- ---------
<S> <C> <C> <C>
Investment Activity
Property rentals $ 608,300 (608,300)(d) $ 0
Property operating expenses (95,211) 95,211 (d) 0
Depreciation and amortization (296,992) 296,992 (d) 0
------------------ ------------- ------------------
216,097 (216,097) 0
Joint venture earnings 0 0 0
Gain on sale of property 0 723,328 (a) 723,328
------------------ ------------- ------------------
Total real estate operations 216,097 507,231 723,328
Interest on cash equivalents and short term investments 59,675 0 59,675
------------------ ------------- ------------------
Total investment activity 275,772 507,231 783,003
Portfolio Expenses
Management fee 129,660 (47,962)(e) 81,698
General and administrative 70,167 0 70,167
------------------ ------------- ------------------
199,827 (47,962) 151,865
------------------ ------------- ------------------
Net income $ 75,945 $ 555,193 $ 631,138
================== ============= ==================
Net income per limited partnership unit $ 2.29 $ 16.77 (d) $ 19.06
================== ============= ==================
Number of limited partnership units
outstanding during the period 32,767 32,767 32,767
================== ============= ==================
</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) Removal of 1997 operating activity related to the disposed asset discussed
in Item 2 herein.
(c) 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.
(d) Removal of 1998 year-to-date operating activity related to the disposed
asset discussed in Item 2 herein.
(e) Removal of management fees based on distributions received during the pro
forma period from 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.
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