UNITED STATES
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) January 30, 1998
Krupp Cash Plus-V Limited Partnership
Massachusetts 0-18498
04-3021560
(State or other jurisdiction of
(Commission (IRS employer
incorporation or organization) file
number) identification no.)
470 Atlantic Avenue, Boston, Massachusetts
02210
(Address of principal executive offices)
(Zip Code)
(617) 423-2233
(Registrant's telephone number, including
area code)
<PAGE>
Item 2. Acquisition or Disposition of Assets
Disposition of Spring Valley
Marketplace
On December 2, 1997, Berkshire Realty
Enterprise Limited Partnership, an
affiliate of the General Partner, as
agent for Krupp Cash Plus-V Limited
Partnership (the "Partnership") and
its Joint Venture Partner, Berkshire
Realty Company Inc., (collectively
referred to herein as the "Joint
Venture Partners") entered into an
Agreement of Sale to sell the Joint
Venture"s property, Spring Valley
Marketplace, a shopping center
containing 320,684 leasable square
feet located in Spring Valley, New
York, to Kejack, Inc. and its
permitted assigns, which are
unaffiliated third parties. The
property was included in a package
with thirteen other properties owned
by affiliates of the General Partner.
The total selling price of the
fourteen properties was $138,000,000,
of which the Joint Venture Partners
received $29,571,700, less their
share of the closing costs. The
transaction was consummated on
January 30, 1998.
The sale is considered a Terminating Capital
Transaction as defined by the Partnership
Agreement. Accordingly, the General Partner
expects to liquidate and distribute the
remaining assets of the Partnership in 1998.
Item 7. Financial Statements, Proforma Financial Statements and
Exhibits
(a) Financial Statements of Business Acquired
Response: Not applicable
(b) Pro Forma Financial Information
On January 30, 1998, Krupp Cash Plus-V Limited Partnership
(the "Partnership") and it Joint Venture Partner, Berkshire
Realty Company Inc., (collectively referred to herein as the
"Joint Venture Partners") sold their property to Kejack, Inc.
and its permitted assigns, which are unaffiliated third
parties. The property was included in a package with
thirteen other properties owned by affiliates of the General
Partner. The total selling price of the fourteen properties
was $138,000,000, of which the Joint Venture Partners
received $29,571,700, less their share of the closing costs.
The Partnership has presented in this Form 8-K, a Pro Forma
Balance Sheet at September 30, 1997 and Pro Forma Statement
of Operations for the nine months ended September 30, 1997
and for the year ended December 31, 1996. See Note 1 to the
Pro Forma Financial Statements for further discussion of
this matter.
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
PRO FORMA BALANCE SHEET
September 30, 1997
(unaudited)
<TABLE>
<CAPTION>
ASSETS
Actual at Pro ProForma
September 30, Forma September 30, 1997
Adjustments 1997
(Note 1) (Note 1) (Note 1)
Real estate assets:
<S> <C> <C> <C>
Investment in Joint Venture $ 21,852,808 $ (21,852,808)$ -
Mortgage-backed securities ("MBS"),
net of accumulated amortization 600,199 600,199
Total real estate assets 22,453,007 (21,852,808) 600,199
Cash and cash equivalents 1,109,368 - 1,109,368
Other assets 17,409 - 17,409
Total assets$ 23,579,784 $ (21,852,808) $ 1,726,976
LIABILITIES AND PARTNERS' EQUITY
Liabilities:
Accrued expenses $ 15,942 $ - $ 15,942
Partners' equity 23,563,842 (21,852,808) 1,711,034
Total liabilities and
Partners' equity$ 23,579,784 $(21,852,808) $ 1,726,976
</TABLE>
See accompanying note to
pro forma financial statements.<PAGE>
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
PRO FORMA STATEMENT OF OPERATIONS
For the Nine Months Ended September 30, 1997
(unaudited)
<TABLE>
<CAPTION>
As Reported
for the Nine Pro Forma for the
Months Ended ProNine
Months Ended September 30, Forma
September 30, 1997 Adjustments
1997
(Note 1) (Note 1) (Note 1)
Revenue:
Partnership's share of
<S> <C> <C> <C>
Joint Venture net income $ 479,081 $(479,081) $ -
Interest income - MBS 43,163 43,163
Interest income - other 53,627 - 53,627
Total revenue 575,871 (479,081) 96,790
Expenses:
General and administrative 123,633 - 123,633
Asset management fees 106,566 (104,234) 2,332
Amortization of acquisition
costs 78,439 (78,439) -
Total expenses 308,638 (182,673) 125,965
Net income (loss) $ 267,233 $ (296,408) $ (29,175)
</TABLE>
See accompanying note to
pro forma financial statements.<PAGE>
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
PRO FORMA STATEMENT OF OPERATIONS
For the Year Ended December 31, 1996
(unaudited)
<TABLE>
<CAPTION>
As Reported for Pro Forma for
the Year Ended Pro Forma the Year Ended
December 31, 1996 Adjustments
December 31, 1996
(Note 1) (Note 1) (Note 1)
Revenue:
Partnership's share of
Joint Venture net
<S> <C> <C> <C>
income $ 910,834 $ (910,834)$ -
Interest income - MBS 72,801 - 72,801
Interest income - other 96,793 - 96,793
Total revenue 1,080,428 (910,834) 169,594
Expenses:
General and
administrative 134,399 - 134,399
Asset management fees 143,178 - 143,178
Amortization of
acquisition costs 104,586 - 104,586
Total expenses 382,163 - 382,163
Net income (loss) $ 698,265 $ (910,834) $ (212,569)
</TABLE>
See accompanying note to
pro forma financial statements.
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
NOTE TO PRO FORMA FINANCIAL STATEMENTS
(1)Basis of Presentation
The Pro Forma Balance Sheet at September 30,
1997 is based on the historical Balance Sheet
of the Partnership as reported on Form 10-Q
for the quarter ended September 30, 1997. The
Pro Forma adjustment represents an adjustment
to the Partnership's investment in Spring
Valley Marketplace Joint Venture (the "Joint
Venture") to show the effect of the sale. The
Pro Forma Balance Sheet at September 30, 1997
reflects the balance sheet as if the sale had
occurred prior to September 30, 1997.
The Pro Forma Statement of Operations for the
nine months ended September 30, 1997 is based
on the historical Statement of Operations of
the Partnership as reported on Form 10-Q for
the nine months ended September 30, 1997. The
Pro Forma Statement of Operations for the year
ended December 31, 1996 is based on the
historical Statement of Operations for the
Partnership as presented in the annual report
on Form 10-K for the year ended December 31,
1996. The Pro Forma adjustments represent the
Partnership's share of Spring Valley
Marketplace's net income for the respective
period presented. The Pro Forma Statements of
Operations for the nine months ended September
30, 1997 and for the year ended December 31,
1996 reflect the results of operations of the
Partnership as if the Joint Venture Partners
had sold Spring Valley Marketplace prior to
January 1, 1996. The Pro Forma Statements of
Operations do not reflect any gain or loss
which may be recognized by the Partnership as
a result of the sale.
(c) Exhibits
1. Agreement of Sale dated December 2, 1997 between Berkshire
Realty Enterprise Limited Partnership, agent for Krupp Cash
Plus-V Limited Partnership, and Kejack, Inc. and its
permitted assigns [Exhibit 1 to Registrant's Report on
Form 8-K dated February 2, 1998 (File No. 0-
18498)].*
2. First Amendment to Agreement of Sale dated December 12, 1997
between Berkshire Realty Enterprise Limited Partnership, agent for
Krupp Cash Plus-V Limited Partnership, and Kejack, Inc. and its
permitted assigns [Exhibit 2 to Registrant's Report on Form 8-K
dated February 2, 1998 (File No. 0-18498)].*.
3. Second Amendment to Agreement of Sale dated December 14,
1997 between Berkshire Realty Enterprise Limited Partnership, agent
for Krupp Cash Plus-V Limited Partnership, and Kejack, Inc. and its
permitted assigns [Exhibit 3 to Registrant's Report on Form 8-K
dated February 2, 1998 (File No. 0-18498)].*
4. Side letter dated December 17, 1997 from William S. Gee on
behalf of Kejack, Inc. and its permitted assigns to Eli Rubenstein,
Esq. on behalf of Berkshire Realty Enterprise Limited Partnership,
agent for Krupp Cash Plus-V Limited Partnership [Exhibit 4 to
Registrant's Report on Form 8-K dated February 2, 1998 (File No.
0-18498)].*
5. Side letter dated January 6, 1998 from William S. Gee on
behalf of Kejack, Inc. and its permitted assigns to Eli Rubenstein,
Esq. on behalf of Berkshire Realty Enterprise Limited Partnership,
agent for Krupp Cash Plus-V Limited Partnership [Exhibit 5 to
Registrant's Report on Form 8-K dated February 2, 1998 (File No. 0-
18498)].*
* Incorporated by reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Krupp Cash Plus-V Limited Partnership
(Registrant)
BY: /s/Wayne H. Zarozny
Wayne H. Zarozny
Treasurer and Chief Accounting
Officer of the Krupp Corporation,
an affiliate of the General
Partner.
DATE: March 31, 1998
