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): August 8, 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.
- ----------------------------------------------
On August 8, 2001, Copley Pension Properties VI; A Real Estate Limited
Partnership (the "Partnership") sold its property located at 21136 South
Wilmington Avenue, Carson, California. The property was sold to an
unaffiliated third party (the "Buyer") for gross proceeds of $8,217,781. The
selling price was determined by arm's length negotiations between the
Partnership and the Buyer. The Partnership received net proceeds of
approximately $7,964,000 and recognized a gain of approximately $3,670,000.
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 June 30, 2001 (Exhibit A). The pro forma income statements
are presented for the fiscal year ended December 31, 2000 (Exhibit B) and the
six month period ended June 30, 2001 (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: August 21, 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
June 30, 2001
Unaudited
Pro Forma June 30, 2001
June 30, 2001 Adjustment Pro Forma
------------- ------------- ------------------
ASSETS
Property held for disposition $4,293,582 ($4,293,582)(a) $ 0
Other assets 90,121 0 90,121
Cash and cash equivalents 1,178,645 7,963,847(a) 9,142,492
---------- ------------ ----------
$5,562,348 $ 3,670,265 $9,232,613
========== ============ ==========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 54,055 $ 0 $ 54,055
Accrued management fee 31,193 0 31,193
Deferred disposition fees 1,464,280 0 1,464,280
---------- ------------ ----------
Total liabilities 1,549,528 0 1,549,528
---------- ------------ ----------
Partners' capital:
Limited partners ($144.00 per unit;
160,000 units authorized, 48,78
units issued and outstanding) 3,987,734 3,633,562(a) 7,621,296
General partners 25,086 36,703(a) 61,789
---------- ------------ ----------
Total partners' capital 4,012,820 3,670,265 7,683,085
---------- ------------ ----------
$5,562,348 $ 3,670,265 $9,232,613
========== ============ ==========
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Copley Pension Properties VI EXHIBIT B
A Real Estate Limited Partnership
Pro Forma Income Statement
Year Ended December 31, 2000
Year Ended
Year Ended December 31, 2000
December 31, 2000 Pro Forma Pro Forma
Audited Adjustment Unaudited
----------------- ------------ -----------------
Investment Activity
Property rentals $ 779,807 ($779,807)(b) $ 0
Property operating expenses (221,323) 221,323 (b) 0
Depreciation and amortization (173,627) 173,627 (b) 0
--------------- --------------- --------------------
384,857 (384,857) 0
Joint venture earnings 40,932 0 40,932
--------------- --------------- --------------------
Total real estate operations 425,789 (384,857) 40,932
Interest on cash equivalents 124,309 0 124,309
---------------- --------------- --------------------
Total investment activity 550,098 (384,857) 165,241
Portfolio Expenses
General and administrative 180,335 (5,700)(f) 174,635
---------------- ----------------- ------------------
180,335 (5,700) 174,635
---------------- ----------------- ------------------
Net income (loss) $ 369,763 ($379,157) ($9,394)
================ ================= ===================
Net income (loss) per limited partnership unit $7.50 ($7.69)(c) ($0.19)
================ ================= ===================
Number of limited partnership units
outstanding during the year 48,788 48,788 48,788
=============== ================== ===================
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Copley Pension Properties VI EXHIBIT C
A Real Estate Limited Partnership
Pro Forma Income Statement
Six Months Ended June 30, 2001
Unaudited
Six Months Ended
Six Months Ended Pro Forma June 30, 2001
June 30, 2001 Adjustment Pro Forma
----------------- ------------ -----------------
Investment Activity
Property rentals $ 423,743 ($423,743)(d) $ 0
Property operating expenses (110,126) 110,126 (d) 0
Depreciation and amortization (94,905) 94,905 (d) 0
------------------ ----------------- ------------------
218,712 (218,712) 0
Joint venture earnings 24,928 0 24,928
------------------ ----------------- ------------------
Total real estate operations 243,640 (218,712) 24,928
Gain on sale of joint venture 962,890 0 962,890
------------------ ----------------- ------------------
Total real estate activity 1,206,530 (218,712) 987,818
Interest on cash equivalents 57,287 0 57,287
------------------ ---------------- ------------------
Total investment activity 1,263,817 (218,712) 1,045,105
Portfolio Expenses
Management fee 31,193 (18,893)(e) 12,300
General and administrative 76,376 0 76,376
------------------ ----------------- ------------------
107,569 (18,893) 88,676
------------------ ----------------- ------------------
Net income (loss) $1,156,248 ($199,819) $ 956,429
================== ================= ==================
Net income (loss) per limited partnership unit $23.46 ($4.05)(c) $19.41
================== ================= ==================
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) 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 2001 year-to-date operating activity related to the disposed
asset discussed in Item 2 herein.
(e) Removal of management fees based on distributions received during the pro
forma period from 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.
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