|
|
|
|
|
|
|
|
|
|
Previous: NEW FRONTIER MEDIA INC /CO/, SB-2/A, 1997-11-10 |
Next: NATIONAL REGISTRY INC, 10-Q, 1997-11-10 |
<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): October 24, 1997
COPLEY REALTY INCOME PARTNERS 4;
A LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Massachusetts
(State or Other Jurisdiction of Incorporation)
0-18735 04-3058134
(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 October 24, 1997, Copley Realty Income Partners 4; A Limited Partnership
sold its interest in a property known as Fairmont Commerce Center located in
Tempe, AZ. The property was sold to an institutional buyer (the "Buyer") which
is unaffiliated with the Partnership. The selling price was determined by arm's
length negotiations between the Partnership and the Buyer. The property was
sold for $3,600,000. The Partnership received net proceeds of approximately
$2,008,000 and recognized a gain of approximately $982,000.
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 for the period ended September 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 September 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: November 10, 1997 COPLEY REALTY INCOME PARTNERS 4;
A LIMITED PARTNERSHIP
(Registrant)
By: Fourth Income Corp.,
Managing General Partner
By: /s/ Wesley M. Gardiner, Jr.
---------------------------------
Name: Wesley M. Gardiner, Jr.
Title: President
<PAGE>
Copley Realty Income Partners 4; EXHIBIT A
A Limited Partnership
Pro Forma Balance Sheet
September 30, 1997
Unaudited
<TABLE>
<CAPTION>
Pro Forma September 30, 1997
September 30, 1997 Adjustment Pro Forma
ASSETS ------------------ ---------- ---------
<S> <C> <C> <C>
Real estate joint ventures $3,739,326 $0 $3,739,326
Property held for disposition 917,570 (917,570)(a) 0
------------------ ------------ --------------------------
4,656,896 (917,570) 3,739,326
Cash and cash equivalents 1,123,833 2,007,808 (a) 3,131,641
Short-term investments 494,421 0 494,421
------------------ ------------ --------------------------
$6,275,150 $1,090,238 $7,365,388
================== ============ ==========================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $45,203 0 $45,203
Accrued management fee 14,124 0 14,124
Deferred disposition fees 89,700 108,000 (b) 197,700
------------------ ------------ --------------------------
Total liabilities 149,027 108,000 257,027
------------------ ------------ --------------------------
Partners' capital (deficit):
Limited partners ($729 per unit;
100,000 units authorized, 11,931
units issued and outstanding) 6,129,409 972,416 (a) 7,101,825
General partners (3,286) 9,822 (a) 6,536
------------------ ------------ --------------------------
Total partners' capital 6,126,123 982,238 7,108,361
------------------ ------------ --------------------------
$6,275,150 $1,090,238 $7,365,388
================== ============ ==========================
</TABLE>
<PAGE>
Copley Realty Income Partners 4; EXHIBIT B
A Limited Partnership
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
Joint venture earnings $497,089 (116,666)(c) $380,423
Interest on cash equivalents and short term investments 82,769 0 82,769
Gain on sale of property 0 982,238 (a) 982,238
----------------- -------------- -----------------
579,858 865,572 1,445,430
Portfolio Expenses
Management fee 74,613 (11,219)(f) 63,394
General and administrative 86,055 (5,500)(g) 80,555
Amortization 7,446 0 7,446
----------------- -------------- -----------------
168,114 (16,719) 151,395
----------------- -------------- -----------------
Net income $411,744 $882,291 $1,294,035
================= ============== =================
Net income per limited partnership unit $34.17 $73.21(d) $107.38
================= ============== =================
Number of limited partnership units
outstanding during the period 11,931 11,931 11,931
================= ============== =================
</TABLE>
<PAGE>
Copley Realty Income Partners 4; EXHIBIT C
A Limited Partnership
Pro Forma Income Statement
September 30, 1997
Unaudited
<TABLE>
<CAPTION>
Pro Forma September 30, 1997
September 30, 1997 Adjustment Pro Forma
------------------ ---------- ---------
<S> <C> <C> <C>
Investment Activity
Joint venture earnings $344,764 (99,318)(c) $245,446
Interest on cash equivalents and short term investments 75,558 0 75,558
Gain on sale of property 973,919 982,238 (a) 1,956,157
------------- ------------ -----------------------
1,394,241 882,920 2,277,161
Portfolio Expenses
Management fee 49,774 (8,965)(f) 40,809
General and administrative 73,770 0 (g) 73,770
Amortization 5,051 0 5,051
------------- ------------ -----------------------
128,595 (8,965) 119,630
------------- ------------ -----------------------
Net income $1,265,646 $891,885 $2,157,531
============= ============ =======================
Net income per limited partnership unit $105.02 $74.01 (d) $179.03
============= ============ =======================
Number of limited partnership units
outstanding during the period 11,931 11,931 11,931
============= ============ =======================
</TABLE>
Pro Forma Financial Statement Footnotes:
(a) Disposition of asset as discussed in Item 2 herein and allocation of the
gain on such disposal to the Partners.
(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.
|
|