SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K/A
(Amendment No. 1)
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 30, 2001
LIBERTY HOUSING PARTNERS LIMITED PARTNERSHIP
(Exact name of registrant as specified in charter)
Massachusetts 0-13520 04-2828131
(State or other (Commission file (IRS employer
jurisdiction of number) identification no.)
incorporation)
100 Second Avenue, Needham, MA 02494
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (781) 444-5251
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(b) Pro Forma Financial Information.
LIBERTY HOUSING PARTNERS LIMITED PARTNERSHIP
Pro Forma Condensed Statement of Operations - Year ended December 31, 2000 4
Notes to Pro Forma Condensed Consolidated Statement of Operations 5
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LIBERTY HOUSING PARTNERS LIMITED PARTNERSHIP
Pro Forma Condensed Financial Statement
The following unaudited Pro Forma Condensed Financial Statement is based on the
historical consolidated financial information of Liberty Housing Partners
Limited Partnership (the "Partnership"), adjusted to give effect to the
disposition of the Partnership's limited partnership interests in Oxford Homes
for the Elderly, Ltd. ("Oxford"), Williamston Homes for the Elderly, Ltd.
("Williamston") and Fuquay-Varina Homes for the Elderly, Ltd. ("Fuquay-Varina").
No Pro Forma Statement of Net Assets in Liquidation as of March 31, 2001 or
Statement of Changes of Net Assets in Liquidation for the period from January 1,
2001 to March 31, 2001 are supplied as the Partnership's historical Statement of
Net Assets in Liquidation as of March 31, 2001 and the Statement of Changes of
Net Assets in Liquidation for the period from January 1, 2001 to March 31, 2001
already reflect these transactions. The Pro Forma Condensed Statement of
Operations gives effect to the dispositions as though the transactions had
occurred as of January 1, 2000.
The pro forma adjustments are based upon available data and certain assumptions
that the Partnership's management believes are reasonable. The unaudited Pro
Forma Condensed Financial Statement is not necessarily indicative of the
Partnership's financial position or results of operations that might have
occurred had the aforementioned transactions been completed as of the date
indicated above and does not purport to represent what the Partnership's
financial position or results of operations might be for any future period or
date. The unaudited Pro Forma Condensed Financial Statement should be read in
conjunction with the historical financial statements of the Partnership.
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LIBERTY HOUSING PARTNERS LIMITED PARTNERSHIP
Pro Forma Condensed Statement of Operations
(Unaudited)
Historical
for the Pro Forma
year ended for the
December 31, Pro Forma year ended
2000 Adjustments December 31, 2000
---------------------------------------------------------
Interest income $ 22,805 $ 22,805
Expenses:
Interest expense 688,199 $ (181,350) (1) 506,849
General and administrative expenses:
Affiliates 98,025 98,025
Other 56,257 56,257
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Total expenses
842,481 (181,350) 661,131
Loss before other income and equity in income (loss) of
Local Limited Partnership investments (819,676) 181,350 (638,326)
Other income:
Gain on sale of investment in Osuna Apartments 2,432,299 2,432,299
Gain on sale of investments in Oxford, Williamston and
Fuquay-Varina 2,139,502 (3) 2,139,502
----------------------------- -----------
Income before equity in income (loss) of Local Limited
Partnership Investments 1,612,623 2,320,852 3,933,475
Equity in income (loss) of Local Limited Partnership 8,594 (55,525) (2) (46,931)
----------------------------- -----------
investments
Net income (loss) $ 1,621,217 $ 2,265,327 $ 3,886,544
============================= ===========
Limited partners' interest in net income $ 1,605,005 $ 3,847,678
=========== ===========
Weighted average number of units outstanding used in
computing basic net income/ (loss) per Limited
Partnership unit 21,564 21,564
=========== ===========
Basic Net Income/(Loss) per Limited Partnership Unit $ 74.43 $ 178.43
=========== ===========
See accompanying notes.
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LIBERTY HOUSING PARTNERS LIMITED PARTNERSHIP
Notes to Pro Forma Condensed Statements of Operations
Pro forma adjustments include adjustments necessary to reflect the disposition
of the Partnership's investments in Oxford, Williamston and Fuquay-Varina. A
description of the pro forma adjustments is as follows:
Year ended
December 31, 2000
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(1) To reverse interest expense on the related Purchase Money Notes $ 181,350
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(2) To reverse equity in income of Oxford, Williamston and Fuquay-Varina
$ 55,525
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(3) To record the gain on disposition of the investment in Oxford, Williamston
and Fuquay-Varina, as follows:
Cash received $ 148,485
Liability for Purchase Money Notes, current maturities, assumed
by purchaser 2,480,427
Liability for accrued interest payable assumed by purchaser 110,884
Less: Investment in local limited partnership interest sold (517,302)
Less: consulting fees paid in connection with the disposition (71,723)
Less: professional fees and reimbursed expenses (11,269)
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Gain on sale of investment in Oxford, Williamston and
Fuquay-Varina $ 2,139,502
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SIGNATURES
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.
LIBERTY HOUSING PARTNERS LIMITED PARTNERSHIP
By: TNG Properties Inc.
Managing General Partner
By: /s/ Wilma R. Brooks
Chief Financial Officer
Date: June 1, 2001
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