SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------
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) July 15, 1999
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
Unaudited Pro Forma Condensed Balance Sheet - June 30, 1999 4
Notes to Pro Forma Condensed Balance Sheet 5
Pro Forma Condensed Statement of Operations - Year ended December 31, 1998 6
Pro Forma Condensed Statement of Operations - Six Months ended June 30, 1999 7
Notes to Pro Forma Condensed Consolidated Statement of Operations 8
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LIBERTY HOUSING PARTNERS LIMITED PARTNERSHIP
Pro Forma Condensed Financial Statements
The following unaudited Pro Forma Condensed Financial Statements are 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 interest in Linden Park
Associates. The Pro Forma Balance Sheet gives effect to the disposition as
though it had occurred on June 30, 1999 (the most recent balance sheet date for
which the Partnership has reported financial information). The Pro Forma
Condensed Statements of Operations give effect to the acquisition and related
financing as though the transactions had occurred as of January 1, 1998.
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 Statements are not necessarily indicative of the
Partnership's financial position or results of operations that might have
occurred had the aforementioned transaction been completed as of the dates
indicated above and do 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 Statements should be read in conjunction
with the historical financial statements of the Partnership.
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LIBERTY HOUSING PARTNERS LIMITED PARTNERSHIP
Unaudited Pro Forma Condensed Balance Sheet
Historical Pro Forma Pro Forma
June 30, 1999 Adjustments June 30, 1999
----------------------------------------------------
Assets
Current assets:
Cash and cash equivalents $ 524,207 $ 395,960 (1) $ 627,167
(8,000) (1)
(285,000) (2)
Restricted Funds - Consulting Escrow 163,642 (3) 163,642
Notes and accrued interest receivable, current
maturities
207,808 (44,166) (1)
(163,642) (3) 0
---------------------------- -----------
Total current assets 732,015 58,794 790,809
Investments in local limited partnerships 1,461,042 1,461,042
---------------------------- -----------
Total assets $ 2,193,057 $ 58,794 $ 2,251,851
============================ ===========
Liabilities and Partners' Deficit
Current liabilities:
Purchase Money Notes, current maturities $11,402,499 $ $11,402,499
Accounts payable to affiliates 222,298 222,298
Accounts payable 19,913 19,913
Accrued expenses 10,000 10,000
Accrued interest payable 189,656 189,656
---------------------------- -----------
Total current liabilities 11,844,366 11,844,366
Purchase Money Notes, net of current maturities 1,073,635 1,073,635
---------------------------- -----------
Total liabilities 12,918,001 12,918,001
Contingencies -- --
Partners' deficit:
General partners:
Capital contributions 4,202 4,202
Capital distributions (128) (128)
Accumulated loses (207,912) (207,912)
---------------------------- -----------
(203,838) (203,838)
Limited partners (21,566 units at June 30, 1999):
Capital contributions (net of offering costs of
$1,134,440) 9,649,520 9,649,520
Capital distributions (12,707) 285,000 (2) (297,707)
Accumulated losses (20,157,919) (343,794) (1) (19,814,125)
---------------------------- -----------
(10,521,106) (58,794) (10,462,312)
Total partners' deficit (10,724,944) (58,794) (10,666,150)
Total liabilities and partners' deficit $ 2,193,057 $ (58,794) $ 2,251,851
============================ ===========
<FN>
See accompanying notes.
</FN>
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LIBERTY HOUSING PARTNERS LIMITED PARTNERSHIP
Notes to Unaudited Pro Forma Condensed Balance Sheet
Pro forma adjustments include adjustments necessary to reflect the disposition
of the Partnership's investment in Linden Park Associates. A description of the
pro forma adjustments is as follows:
(1) To record the gain on sale of the Linden Park investment, as follows:
Cash received $ 395,960
Less: partial transfer of the Partnership's notes and accrued interest receivable from (44,166)
Linden Park Associates Limited Partnership paid as consulting fees due in
connection with the disposition
Less: legal fees (8,000)
------------
Gain on sale of investment in Linden Park Associates $ 343,794
============
(2) To record amounts distributable to, or for the benefit of the holders of limited
Partnership units. $ 285,000
(3) To record the pay off of the notes and accrued interest receivable balance from Linden
Park Associates and establish a cash escrow account for future consulting fees and
expenses incurred in connection with the dispositon of the remaining properties held. $ 163,642
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LIBERTY HOUSING PARTNERS LIMITED PARTNERSHIP
Pro Forma Condensed Statement of Operations
Historical Pro Forma
for the for the
year ended Pro Forma year ended
December 31, 1998 Adjustments December 31, 1998
---------------------------------------------------------
Interest income $ 36,347 $ 50,345 (1) $ 86,692
Expenses:
Interest expense 2,672,560 2,672,560
General and administrative expense 143,677 143,677
------------------------------ -------------
Total expenses 2,816,237 2,816,237
Loss before equity in local limited partnership operations (2,779,890) 50,345 (2,729,545)
Equity in income of local limited partnership investments 224,229 224,229
------------------------------ -------------
Net loss before extraordinary items (2,555,661) 50,345 (2,505,316)
Extraordinary items:
Gain on sale of investment in Linden Park Associates 341,113 (2) 341,113
------------------------------ -------------
Net income $ (2,555,661) $ 391,458 $ (2,164,203)
============= =============
Units used in computing Basic Net Income/ (Loss) per 21,568 21,568
Limited Partnership Unit ============= =============
Basic Net Loss before extraordinary items per Limited $ (117.31) $ (115.00)
Partnership Unit ============= =============
Basic Net Income/(Loss) per Limited Partnership Unit $ (117.31) $ (99.34)
============= =============
<FN>
See accompanying notes.
</FN>
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LIBERTY HOUSING PARTNERS LIMITED PARTNERSHIP
Pro Forma Condensed Statement of Operations
Historical Pro Forma
for the three for the three
months ended Pro Forma months ended
June 30, 1999 Adjustments June 30, 1999
----------------------------------------------------
Interest income $ 94,640 $ (92,618) (1) $ 2,022
Expenses:
Interest expense 1,135,343 1,135,343
General and administrative expense 66,360 66,360
------------------------------ ------------
Total expenses 1,201,703 1,201,703
Loss before equity in local limited partnership operations (1,107,063) (92,618) (1,199,681)
Equity in income of local limited partnership investments 72,369 72,369
------------------------------ ------------
Net loss before extraordinary items (1,034,694) (92,618) (1,127,312)
Extraordinary items:
Gain on sale of investment in Linden Park Associates 2,654,107 341,113 (2) 2,995,220
------------------------------ ------------
Net income $ 1,619,413 $ 248,495 $ 1,867,908
============= ============
Units used in computing Basic Net Income/ (Loss) per 21,566 21,566
Limited Partnership Unit ============= ============
Basic Net Loss before extraordinary items per Limited $ (47.50) $ (51.75)
Partnership Unit ============= ============
Basic Net Income/(Loss) per Limited Partnership Unit $ 74.34 $ 85.75
============= ============
<FN>
See accompanying notes.
</FN>
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LIBERTY HOUSING PARTNERS LIMITED PARTNERSHIP
Notes to Pro Forma Condensed Statements of Operations
Year ended Three months ended
December 31, 1998 June 30, 1999
------------------- -------------------
Pro forma adjustments include adjustments necessary to reflect the disposition
of the Partnership's investment in Linden Park Associates. A description of the
pro forma adjustments is as follows:
(1) To reverse interest income net of discount amortization and to
write-off /reverse the write-off of the unamortized discount on
the Linden Park Apartments notes receivable. $ 50,345 $ (92,618)
(2) To record the gain on disposition of the investment in Linden Park
Associates, as follows:
Cash received $ 395,960 $ 395,960
Less: partial transfer of the Partnership's notes and accrued interest (46,847) (46,847)
receivable from Linden Park Associates Limited Partnership in
payment of consulting fees paid in connection with the
disposition
Less: legal fees (8,000) (8,000)
--------------- -------------
$ 341,113 $ 341,113
=============== =============
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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
Wilma R. Brooks
Chief Financial Officer
Date: September 28, 1999
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