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Previous: RURAL ELECTRIC COOPERATIVE GRANTOR TRUSTS KEPCO 1988-K2, 15-15D, 1998-01-16 |
Next: TRAVELERS GROUP INC, SC 13G/A, 1998-01-16 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 22, 1997
COPLEY REALTY INCOME PARTNERS 3; A LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in its Charter)
Massachusetts
(State or Other Jurisdiction of Incorporation)
0-17809 04-3005973
(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>
This Current Report on Form 8-K/A amends the Current Report on Form 8-K filed by
the Registrant with the Securities and Exchange Commission on July 29, 1997.
Item 2. Acquisition or Disposition of Assets.
- ----------------------------------------------
On July 22, 1997, Copley Realty Income Partners 3; A Limited Partnership
(the "Partnership") sold all of its interest in a property located at 521
Charcot Avenue, San Jose, California. The property was sold to the sole tenant
which exercised the purchase option under its lease for gross consideration of
$5,850,000. The terms of the sale were determined pursuant to the provisions of
the purchase option in such lease. The Partnership received net proceeds of
$5,715,415 and recognized a gain of $1,490,313 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 June 30, 1997 (Exhibit A). The pro forma
income statements are presented for the fiscal year ended December 31, 1996
(Exhibit B) and the period ended June 30, 1997 (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 16, 1998 COPLEY REALTY INCOME PARTNERS 3;
A LIMITED PARTNERSHIP
(Registrant)
By: Third Income Corp.,
Managing General Partner
By: /s/ Wesley M. Gardiner, Jr.
---------------------------------
Name: Wesley M. Gardiner, Jr.
Title: Vice President
<PAGE>
Copley Realty Income Partners 3; EXHIBIT A
A Limited Partnership
Pro Forma Balance Sheet
June 30, 1997
Unaudited
<TABLE>
<CAPTION>
Pro Forma June 30, 1997
June 30, 1997 Adjustment Pro Forma
-------------- ---------- ------------
<S> <C> <C> C>
ASSETS
Property, Net $11,570,708 ($4,172,012) (a) $ 7,398,696
Joint ventures 5,262,515 5,262,515
Cash and cash equivalents 2,022,444 5,715,415 (a) 7,737,859
Short-term investments 393,380 0 393,380
----------- ---------- -----------
$19,249,047 $1,543,403 $20,792,450
=========== ========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 45,804 0 $ 45,804
Accrued management fee 44,872 0 44,872
Deferred disposition fee 0 29,250 29,250
----------- ---------- -----------
Total liabilities 90,676 29,250 119,926
----------- ---------- -----------
Partners' capital (deficit):
Limited partners ($1,000 per unit;
100,000 units authorized, 27,641
units issued and outstanding) 19,209,122 1,499,011 (a) 20,708,133
General partners (50,751) 15,142 (a) (35,609)
----------- ---------- -----------
Total partners' capital 19,158,371 1,514,153 20,672,524
----------- ---------- -----------
$19,249,047 $1,543,403 $20,792,450
=========== ========== ===========
</TABLE>
<PAGE>
Copley Realty Income Partners 3; EXHIBIT B
A Limited Partnerhip
Pro Forma Income Statement
December 31, 1996
Unaudited
<TABLE>
<CAPTION>
Pro Forma December 31, 1996
December 31, 1996 Adjustment Pro Forma
----------------- ----------- ---------
<S> <C> <C> <C>
Investment Activity
Property rentals $1,559,843 (535,085) (c) $1,024,758
Property operating expenses (237,034) 103,403 (c) (133,631)
Depreciation and amortization (428,413) 99,154 (c) (329,259)
---------- ---------- ----------
894,396 (332,528) 561,868
Joint venture earnings 328,348 0 328,348
---------- ---------- ----------
Total real estate operations 1,222,744 (332,528) 890,216
Gain on sale of property 0 1,514,153 (a) 1,514,153
---------- ---------- ----------
Total real estate activity 1,222,744 1,181,625 2,404,369
Interest on cash equivalents and short
term investments 104,987 0 104,987
---------- ---------- ----------
Total investment activity 1,327,731 1,181,625 2,509,356
Portfolio Expenses
Management fee 165,680 (38,115) (f) 127,565
General and administrative 103,764 (3,850) (g) 99,914
---------- ---------- ----------
269,444 (41,965) 227,479
---------- ---------- ----------
Net income $1,058,287 $1,223,590 $2,281,877
========== ========== ==========
Net income per limited partnership unit $37.90 $43.82 (d) $81.73
========== ========== ==========
Number of limited partnership units
outstanding during the period 27,641 27,641 27,641
========== ========== ==========
</TABLE>
<PAGE>
Copley Realty Income Partners 3; EXHIBIT C
A Limited Partnership
Pro Forma Income Statement
June 30, 1997
Unaudited
<TABLE>
<CAPTION>
Pro Forma June 30, 1997
June 30, 1997 Adjustment Pro Forma
------------ ---------- ----------
<S> <C> <C> <C>
Investment Activity
Property rentals $ 772,912 (256,263) (e) $ 516,649
Property operating expenses (119,325) 51,010 (e) (68,315)
Depreciation and amortization (217,321) 52,691 (e) (164,630)
--------- ---------- ----------
436,266 (152,562) 283,704
Joint venture earnings 153,171 0 153,171
Gain on sale of property 0 1,514,153 (a) 1,514,153
--------- ---------- ----------
Total real estate operations 589,437 1,361,591 1,951,028
Interest on cash equivalents and short term
investments 57,332 0 57,332
--------- ---------- ----------
Total investment activity 646,769 1,361,591 2,008,360
Portfolio Expenses
Management fee 89,743 (19,733) (f) 70,010
General and administrative 61,812 0 61,812
--------- ---------- ----------
151,555 (19,733) 131,822
--------- ---------- ----------
Net income $ 495,214 $1,381,324 $1,876,538
========= ========== ==========
Net income per limited partnership unit $ 17.74 $ 49.47 (d) $ 67.21
========= ========== ==========
Number of limited partnership units
outstanding during the period 27,641 27,641 27,641
========= ========== ==========
</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 1996 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 and addition of the gain related to the disposed asset
discussed in Item 2 herein.
(e) Removal of 1997 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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