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 26, 2001
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Massachusetts
(State or Other Jurisdiction of Incorporation)
0-17807 04-2988542
(Commission File Number) (IRS Employer Identification No.)
World Trade Center East
Two Seaport Lane
Boston, MA 02210
(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.
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Copley Pension Properties VI; A Real Estate Limited Partnership (the
"Partnership") owned a 51.75% partnership interest in Prentiss/Copley Itasca
Associates (the "Joint Venture"), a Delaware general partnership organized to
own real property. A 23.25% partnership interest was owned by Copley Pension
Properties VII: A Real Estate Limited Partnership (the "Affiliate") and the
remaining 25% was owned by Prentiss Properties Itasca, L.P., a Texas limited
partnership (the "Developer"). Per the Partnership Agreement, as a result of
default contributions made on behalf of the Developer, the Partnership and its
Affiliates' ownership percentages were increased to 62.08% and 27.89%,
respectively, and the Developer's ownership percentage was decreased to 10.03%
as of the date of sale. On February 26, 2001, the Joint Venture sold its
property located at 225 Spring Lake, Itasca, Illinois to an unaffiliated third
party (the "Buyer") for gross proceeds of $4,575,000. The selling price was
determined by arm's length negotiations between the Joint Venture and the Buyer.
The Partnership received net proceeds of approximately $2,988,000, representing
a return of capital and accrued priority return totaling approximately
$2,867,000, and its share of residual proceeds of approximately $121,000. The
Partnership recognized a gain of approximately $1,133,000.
Item 7. Financial Statements and Exhibits.
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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, 2000 (Exhibit A). The pro forma income
statements are presented for the fiscal year ended December 31, 1999 (Exhibit B)
and the nine month period ended September 30, 2000 (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: March 12, 2001 COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Sixth Copley Corp.,
Managing General Partner
By:/s/ Alison L. Husid
-----------------------
Name: Alison L. Husid
Title: President, Chief Executive Officer and
Director
Copley Pension Properties VI EXHIBIT A
A Real Estate Limited Partnership
Pro Forma Balance Sheet
September 30, 2000
Unaudited
Pro Forma September 30, 2000
September 30, 2000 Adjustment Pro Forma
ASSETS
Joint Venture $1,760,708 ($1,760,708)(a) $0
Property, net 4,311,467 0 4,311,467
Cash and cash equivalents 1,937,666 2,988,418 (a) 4,926,084
------------------------- ----------------- ---------------------------
$8,009,841 $1,227,710 $9,237,551
========================= ================= ===========================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $78,144 $0 $78,144
Deferred disposition fees 1,369,577 94,703 (b) 1,464,280
------------------------- ----------------- ---------------------------
Total liabilities 1,447,721 94,703 1,542,424
------------------------- ----------------- ---------------------------
Partners' capital:
Limited partners ($223.49 per unit;
160,000 units authorized, 48,788
units issued and outstanding) 6,550,322 1,121,677 (a) 7,671,999
General partners 11,798 11,330 (a) 23,128
------------------------- ----------------- ---------------------------
Total partners' capital 6,562,120 1,133,007 7,695,127
------------------------- ----------------- ---------------------------
$8,009,841 $1,227,710 $9,237,551
========================= ================= ===========================
Copley Pension Properties VI EXHIBIT B
A Real Estate Limited Partnership
Pro Forma Income Statement
Year Ended December 31, 1999
Unaudited
Year Ended
Year Ended Pro Forma December 31, 1999
December 31, 1999 Adjustment Pro Forma
Investment Activity
Property rentals $726,612 $ 0 $726,612
Property operating expenses (268,902) 0 (268,902)
Depreciation and amortization (128,053) 0 (128,053)
------------------------- ----------------- ---------------------------
329,657 0 329,657
Equity in joint venture earnings 127,505 (127,505)(c) 0
------------------------- ----------------- ---------------------------
Total real estate activity 457,162 (127,505) 329,657
Interest on cash equivalents 138,282 0 138,282
and short term investments
------------------------- ----------------- ---------------------------
Total investment activity 595,444 (127,505) 467,939
Portfolio Expenses
Management fee 58,195 (16,579)(f) 41,616
General and administrative 171,510 (3,795)(g) 167,715
------------------------- ----------------- ---------------------------
229,705 (20,374) 209,331
------------------------- ----------------- ---------------------------
Net income (loss) $365,739 ($107,131) $258,608
========================= ================= ===========================
Net income (loss) per limited $7.42 ($2.17)(d) $5.25
partnership unit
========================= ================= ===========================
Number of limited partnership units
outstanding during the year 48,788 48,788 48,788
========================= ================= ===========================
Copley Pension Properties VI EXHIBIT C
A Real Estate Limited Partnership
Pro Forma Income Statement
Nine Months Ended September, 2000
Unaudited
Nine Months Ended
Nine Months Ended Pro Forma September 30, 2000
September 30, 2000 Adjustment Pro Forma
Investment Activity
Property rentals $538,484 $ 0 $538,484
Property operating expenses (156,746) 0 (156,746)
Depreciation and amortization (125,549) 0 (125,549)
------------------------- ----------------- ---------------------------
256,189 0 256,189
Joint venture earnings (30,336) 30,336 (e) 0
------------------------- ----------------- ---------------------------
Total real estate activity 225,853 30,336 256,189
Interest on cash equivalents and short 92,849 0 92,849
term investment
------------------------- ----------------- ---------------------------
Total investment activity 318,702 30,336 349,038
Portfolio Expenses
General and administrative 121,549 0 121,549
------------------------- ----------------- ---------------------------
121,549 0 121,549
------------------------- ----------------- ---------------------------
Net income $197,153 $30,336 $227,489
========================= ================= ===========================
Net income per limited partnership unit $4.00 $0.62 (d) $4.62
========================= ================= ===========================
Number of limited partnership units
outstanding during the period 48,788 48,788 48,788
========================= ================= ===========================
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 1999 operating activity related to the disposed asset
discussed in Item 2 herein.
(d) Calculation of net income (loss) per limited partnership unit after the
removal of operating activity related to the disposed asset discussed in
Item 2 herein.
(e) Removal of 2000 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.