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): February 17, 2000 NEW ENGLAND PENSION PROPERTIES V; A REAL ESTATE LIMITED PARTNERSHIP (Exact name of registrant as specified in its charter) Massachusetts (State or Other Jurisdiction of Incorporation) 0-17808 04-2940131 (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) Item 2. Acquisition or Disposition of Assets. - ---------------------------------------------- On February 17, 2000, New England Pension Properties V; A Real Estate Limited Partnership (the "Partnership") sold its property located at Locbury Drive, Germantown, Maryland. The property was sold to an unaffiliated third party (the "Buyer") for gross proceeds of $2,220,000. The selling price was determined by arm's length negotiations between the Partnership and the Buyer. The Partnership received net proceeds of approximately $2,119,000 and recognized a gain of approximately $561,000. 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 as of September 30, 1999 (Exhibit A). The pro forma income statements are presented for the fiscal year ended December 31, 1998 (Exhibit B) and the nine month period ended September 30, 1999 (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: February 29, 2000 NEW ENGLAND PENSION PROPERTIES V; A REAL ESTATE LIMITED PARTNERSHIP (Registrant) By: Fifth Copley Corp., Managing General Partner By: /s/ Alison Husid Cutler --------------------------------- Name: Alison Husid Cutler Title: President, Chief Executive Officer and Director New England Pension Properties V EXHIBIT A A Real Estate Limited Partnership Pro Forma Balance Sheet September 30, 1999 Unaudited Pro Forma September 30, 1999 September 30, 1999 Adjustment Pro Forma ------------------ ---------- --------- ASSETS Property, net .............................. $ 8,887,268 $ 0 $ 8,887,268 Joint Venture held for disposition, net .... 4,938,566 0 $ 4,938,566 Property held for disposition, net ......... 1,491,742 (1,491,742)(a) $ 0 Cash and cash equivalents .................. 6,161,741 2,119,005 (a) 8,280,746 ------------ ------------ ------------ $ 21,479,317 $ 627,263 $ 22,106,580 ============ ============ ============ LIABILITIES AND PARTNERS' CAPITAL Accounts payable ........................... $ 132,775 0 $ 132,775 Accrued management fee ..................... 23,617 0 23,617 Deferred management and disposition fees.... 1,731,932 66,600 (b) 1,798,532 ------------ ------------ ------------ Total liabilities .......................... 1,888,324 66,600 1,954,924 ------------ ------------ ------------ Partners' capital (deficit): Limited partners ($367 per unit; 160,000 units authorized, 82,228 units issued and outstanding) ...... 19,611,434 555,056 (a) 20,166,490 General partners ..................... (20,441) 5,607 (a) (14,834) ------------ ------------ ------------ Total partners' capital .................... 19,590,993 560,663 20,151,656 ------------ ------------ ------------ $ 21,479,317 $ 627,263 $ 22,106,580 ============ ============ ============ New England Pension Properties V EXHIBIT B A Real Estate Limited Partnership Pro Forma Income Statement December 31, 1998 Unaudited Pro Forma December 31, 1998 December 31, 1998 Adjustment Pro Forma ----------------- ---------- --------- Investment Activity Property rentals ........................... $ 4,103,360 0 $ 4,103,360 Interest income on loan to ground lessor ... 142,492 0 142,492 Property operating expenses ................ (949,126) 22,217 (c) (926,909) Ground rent expense ........................ (390,000) 0 (390,000) Depreciation and amortization .............. (1,003,722) 0 (1,003,722) ----------- ----------- ------------- 1,903,004 22,217 1,925,221 Equity in joint venture earnings ........... 440,440 0 440,440 ----------- ----------- ------------- Total real estate activity ............ 2,343,444 22,217 2,365,661 Interest on cash equivalents and short term investments ................... 488,461 0 488,461 ----------- ----------- ------------- Total investment activity ............. 2,831,905 22,217 2,854,122 Portfolio Expenses Management fee ............................. 401,138 0 401,138 General and administrative ................. 255,287 (3,500)(f) 251,787 ----------- ----------- ------------- 656,425 (3,500) 652,925 ----------- ----------- ------------- Net income ................................. $ 2,175,480 $ 25,717 $ 2,201,197 =========== =========== ============= Net income per weighted average limited partnership unit ................. $ 26.17 $ 0.31 (d) $ 26.48 =========== =========== ============= Weighted average number of limited partnership units outstanding during the year ................................. 82,309 82,309 82,309 =========== =========== ============= New England Pension Properties V EXHIBIT C A Real Estate Limited Partnership Pro Forma Income Statement September 30, 1999 Unaudited Pro Forma September 30, 1999 September 30, 1999 Adjustment Pro Forma ------------------ ---------- --------- Investment Activity Property rentals ....................... $ 2,183,952 0 $ 2,183,952 Interest income on loan to ground lessor $ 101,365 0 101,365 Property operating expenses ............ (715,773) 19,794 (e) (695,979) Ground rent expense .................... (292,500) 0 (292,500) Depreciation and amortization .......... (616,180) 0 (616,180) ----------- ----------- ----------- 660,864 19,794 680,658 Joint venture earnings ................. 403,528 0 403,528 Gain on sale of properties ............. 3,475,077 0 3,475,077 ----------- ----------- ----------- Total real estate operations ...... 4,539,469 19,794 4,559,263 Interest on cash equivalents and short term investments ............... 316,967 0 316,967 ----------- ----------- ----------- Total investment activity ......... 4,856,436 19,794 4,876,230 Portfolio Expenses Management fee ......................... 329,405 0 329,405 General and administrative ............. 199,019 0 199,019 ----------- ----------- ----------- 528,424 0 528,424 ----------- ----------- ----------- Net income ............................. $ 4,328,012 $ 19,794 $ 4,347,806 =========== =========== =========== Net income per limited partnership unit...................... $ 52.11 $ 0.24 (d) $ 52.35 =========== =========== =========== Number of limited partnership units outstanding during the period ........ 82,228 82,228 82,228 =========== =========== =========== Pro Forma Financial Statement Footnotes: (a) Disposition of asset as discussed in Item 2 herein and allocation of the gain to the Partners on such disposition. (b) Disposition fee incurred in connection with the disposition of the asset discussed in Item 2 herein. (c) Removal of 1998 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 related to the disposed asset discussed in Item 2 herein. (e) Removal of 1999 year-to-date operating activity related to the disposed asset discussed in Item 2 herein. (f) Removal of appraisal fees incurred during the pro forma period for the disposed asset discussed in Item 2 herein.