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 27, 2001
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.)
World Trade Center East
Two Seaport Lane, 16th Floor
Boston, Massachusetts 02210
(Address of principal executive offices) (Zip Code)
(617) 261-9000
Registrant's Telephone Number, Including Area Code
(Former Name or Former Address, if Changed Since Last Report)
Item 2. Acquisition or Disposition of Assets.
- ----------------------------------------------
On March 27, 2001, New England Pension Properties V; A Real Estate Limited
Partnership (the "Partnership") sold its property located at 1900-1988 North
Main Street, Salinas, California. The property was sold to an unaffiliated
third party (the "Buyer") for gross proceeds of $8,850,000. The selling price
was determined by arm's length negotiations between the Partnership and the
Buyer. The Partnership received net proceeds of approximately $8,421,000 and
recognized a gain of approximately $1,405,000.
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 December 31, 2000 (Exhibit A). The pro forma income
statement is presented for the fiscal year ended December 31, 2000 (Exhibit B).
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: April 10, 2001 NEW ENGLAND PENSION PROPERTIES V;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Fifth Copley Corp.,
Managing General Partner
By:/s/ Alison L. Husid
---------------------------------
Name: Alison L. Husid
Title: President, Chief Executive
Officer and Director
New England Pension Properties V EXHIBIT A
A Real Estate Limited Partnership
Pro Forma Balance Sheet
December 31, 2000
December 31, 2000
December 31, 2000 Pro Forma Pro Forma
(Audited) Adjustment (Unaudited)
------------------ ------------- ------------------
ASSETS
Property held for disposition, net $ 8,374,264 ($7,015,793)(a) $ 1,358,471
Cash and cash equivalents 2,762,388 8,420,963 (a) 11,183,351
----------- ----------- -----------
$11,136,652 $1,405,170 $12,541,822
============ ========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 123,393 0 $ 123,393
Accrued management fee 9,899 0 9,899
Deferred management and disposition fees 2,016,345 0 2,016,345
----------- ------------ -----------
Total liabilities 2,149,637 0 2,149,637
----------- ------------ -----------
Partners' capital (deficit):
Limited partners ($229 per unit;
160,000 units authorized, 82,228
units issued and outstanding) 9,000,022 1,391,118 (a) 10,391,140
General partners (13,007) 14,052 (a) 1,045
------------ -------------- -----------
Total partners' capital 8,987,015 1,405,170 10,392,185
------------ -------------- -----------
$11,136,652 $ 1,405,170 $12,541,822
============ ============== ===========
New England Pension Properties V EXHIBIT B
A Real Estate Limited Partnership
Pro Forma Income Statement
December 31, 2000
December 31, 2000
December 31, 2000 Pro Forma Pro Forma
(Audited) Adjustment (Unaudited)
----------------- ------------ -----------------
Investment Activity
Property rentals $ 1,976,430 (1,976,430)(b) $ 0
Interest income on loan to ground lessor 127,688 (127,688)(b) 0
Property operating expenses (499,211) 527,416 (b) 28,205
Ground rent expense (390,000) 390,000 (b) 0
Depreciation and amortization (362,570) 362,570 (b) 0
----------- ---------- -----------
Total real estate operations 852,337 (824,132) 28,205
Gain on sale of property 556,164 0 556,164
----------- ---------- -----------
Total real estate activity 1,408,501 (824,132) 584,369
Interest on cash equivalents and short term investments 383,586 0 383,586
----------- ---------- -----------
Total investment activity 1,792,087 (824,132) 967,955
Portfolio Expenses
Management fee 119,604 (106,432)(d) 13,172
General and administrative 312,085 0 312,085
----------- ---------- -----------
431,689 (106,432) 325,257
----------- ---------- -----------
Net income (loss) $ 1,360,398 ($717,700) $ 642,698
=========== ========== ===========
Net income (loss) per limited partnership unit $16.38 ($8.64)(c) $7.74
=========== ========== ===========
Number of limited partnership units outstanding during the year 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) Removal of 2000 operating activity related to the disposed asset
discussed in Item 2 herein.
(c) Calculation of net loss per limited partnership unit after the
removal of operating activity related to the disposed asset discussed in
Item 2 herein.
(d) Removal of management fees based on distributions received during the
pro forma period from the disposed asset discussed in Item 2 herein.