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) March 31, 2006
SHELTER PROPERTIES V LIMITED PARTNERSHIP
(Exact name of Registrant as specified in its charter)
| | |
South Carolina | 0-11574 | 57-0721855 |
(State or other jurisdiction | (Commission | (I.R.S. Employer |
of incorporation or | File Number) | Identification Number) |
organization) | | |
55 Beattie Place
Post Office Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.01
Completion of Acquisition or Disposition of Assets.
Shelter Properties V Limited Partnership, a South Carolina limited partnership (the “Registrant”), owned Woodland Village Apartments (“Woodland Village”), a 308-unit apartment complex located in Columbia, South Carolina. On March 31, 2006, the Registrant sold Woodland Village to a third party, The Bethany Group, LLC, a California limited liability company (the “Purchaser”). The Purchaser purchased the property along with 11 other apartment complexes and one parcel of land, all of which are owned by entities affiliated with AIMCO Properties, L.P., which is an affiliate of the corporate general partner of the Registrant. The total sales price for Woodland Village, the 11 other apartment complexes and the parcel of land was approximately $148,005,000, of which approximately $13,010,000 represents the sales price for Woodland Village. The Registrant continues to own and operate two other investment properties.
In accordance with the Amended and Restated Certificate and Agreement of Limited Partnership of the Registrant, the Registrant's corporate general partner is evaluating the cash requirements of the Registrant to determine whether any portion of the net proceeds will be distributed to the Registrant's partners.
Item 9.01
Financial Statements and Exhibits
(b)
Pro forma financial information.
The following unaudited pro forma consolidated balance sheet and consolidated statement of operations reflect the operations of the Registrant as if Woodland Village and Old Salem Apartments (previously disclosed by the Registrant on Current Report on Form 8-K filed on January 19, 2006) had been sold on January 1, 2005.
The pro forma financial statements do not project the Registrant’s results of operations at any future date or for any future period. This pro forma information should be read in conjunction with the Registrant’s 2005 Annual Report on Form 10-KSB.
PRO FORMA CONSOLIDATED BALANCE SHEET
(in thousands)
| |
| | December 31, 2005 |
| | |
All other assets | $ 1,389 |
Investment properties, net | 13,095 |
| | |
Total Assets | $ 14,484 |
| | |
All other liabilities | $ 470 |
Mortgage notes payable | 10,981 |
Partners’ capital | 3,033 |
Total Liabilities and Partners’ Capital | $ 14,484 |
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per unit data)
| |
| | Year Ended |
| | December 31, 2005 |
| | |
Total revenues | $ 3,168 |
Total expenses | 4,185 |
| | |
Net loss | $(1,017) |
| | |
Net loss per limited partnership unit | $(19.17) |
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 hereunto duly authorized.
SHELTER PROPERTIES V LIMITED PARTNERSHIP
(a South Carolina Limited Partnership)
By:
Shelter Realty V Corporation
Corporate General Partner
By:
/s/Martha L. Long
Martha L. Long
Senior Vice President
Date:
April 5, 2006
