SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________
FORM 10-K/A
AMENDMENT NO. 1 OF
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
Commission File No. 0-17807
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Massachusetts 04-2988542
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
225 Franklin Street, 25th FL.
Boston, Massachusetts 02110
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(617) 261-9000
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Units of Limited Partnership Interest
(Title of Class)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]
No voting stock is held by nonaffiliates of the Registrant.
DOCUMENTS INCORPORATED BY REFERENCE
None
The undersigned registrant hereby amends its Annual Report on Form 10-K
for the year ended December 31, 1996 (the "Report"), to correct an error in
the table of significant tenants in Item 2 of Part I of the Report. Item 2
of Part I, as amended for the correct lease expiration date, is attached
hereto and substituted for the respective Item of the Report.
Item 2. Properties
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The following table sets forth the annual realty taxes for the
Partnership's properties and information regarding tenants who occupy 10% or
more of gross leasable area (GLA) in the Partnership's properties:
NUMBER
ESTIMATED OF ANNUAL
1997 TENANTS CONTRACT
ANNUAL WITH 10% SQUARE RENT
REALTY OR NAMES (S) OF FEET OF PER LEASE
PROPERTY TAXES MORE OF GLA TENANT(S) EACH TENANT SQ. FT. EXPIRATION
- ------------------------------------------------------------------------------------------------------------------------------------
Industrial Building in $ 85,000 6 Practical 26,647 $ 4.20 Jun, 1998
Carson, CA Packaging
Seaway 12,283 $ 5.16 Apr, 1999
International
O-Super Express 18,253 $ 4.80 Jun, 2000
Del Monte 26,545 $ 4.80 Dec, 1999
Continental Wire 11,682 $ 4.44 Dec, 1999
Haggen Dazs 12,000 $ 6.24 Dec, 1998
Industrial Building in $105,850 N/A N/A N/A N/A N/A
Dallas, TX
Apartment Complex in $274,380 N/A N/A N/A N/A N/A
Frederick, MD
Industrial Building, $ 39,600 1 Phonic Ear 35,100 $12.28 May, 2002
Petaluma, CA
Industrial Building, $ 72,925 1 Mita Copystar of 70,535 $ 5.00 Sept, 1999
Itasca, IL America, Inc.
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LINE OF
BUSINESS
RENEWAL OF PRINCIPAL
PROPERTY OPTIONS TENANTS
- ------------------------------------------------------------------
Industrial Building in N/A Packaging
Carson, CA
One 3 Distribution
year
N/A Distribution
Two 5 Fruit and
year Fruit Products
N/A Wire
Fabrication
N/A Ice Cream
Industrial Building in N/A N/A
Dallas, TX
Apartment Complex in N/A N/A
Frederick, MD
Industrial Building, Yes Hearing
Petaluma, CA Products
Industrial Building, None Photocopier
Itasca, IL Distributor
- ------------------------------------------------------------------
The following table sets forth for each of the last five years the gross
leasable area, occupancy rates, rental revenue, and net effective rent for the
Partnership's properties:
RENTAL
PROPERTY GROSS LEASABLE YEAR-END REVENUE NET EFFECTIVE
AREA OCCUPANCY RECOGNIZED RENT ($/SF/YR)*
- --------------------------------------------------------------------------------------------------
Industrial Building in Carson, CA
- ------------------------------------
1992 115,732 100% $ 551,679 $ 4.77
1993 115,732 100% $ 639,297 $ 5.52
1994 115,732 100% $ 641,008 $ 5.54
1995 115,732 89% $ 620,300 $ 6.58
1996 115,732 100% $ 709,199 $ 7.08
Industrial Building in Dallas, TX
- ------------------------------------
1992 168,478 100% $ 550,996 $ 3.27
1993 168,478 100% $ 550,372 $ 3.27
1994 168,478 100% $ 551,000 $ 3.27
1995 168,478 82% $ 561,846 $ 3.49
1996 168,478 0% $ 72,074 (1) $ 0.00
Apartment Complex in Frederick, MD
- ------------------------------------
1992 295,074 93% $2,283,698 $ 9.21
1993 295,074 91% $2,487,586 $ 9.16
1994 295,074 96% $2,551,410 $ 9.25
1995 295,074 94% $2,661,022 $ 9.57
1996 295,074 97% $2,726,498 $ 9.70
Industrial Building, Petaluma, CA
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1992 35,100 100% $ 481,875 $13.73
1993 35,100 100% $ 416,146 $11.86
1994 35,100 100% $ 416,146 $11.86
1995 35,100 100% $ 416,146 $11.86
1996 35,100 100% $ 416,146 $11.86
Industrial Building, Itasca, IL
- ------------------------------------
1992 70,535 100% $ 477,000 $ 6.76
1993 70,535 100% $ 467,000 $ 6.62
1994 70,535 100% $ 475,000 $ 6.73
1995 70,535 100% $ 479,000 $ 6.79
1996 70,535 100% $ 492,000 $ 6.98
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* Net effective rent calculation is based on average occupancy during the respective years.
(1) Temporary four month lease
Following is a schedule of lease expirations for each of the next ten years
for the Partnership's properties based on the annual contract rent in effect at
December 31, 1996:
TENANT AGING REPORT
PROPERTY # OF LEASE TOTAL TOTAL PERCENTAGE OF
EXPIRATIONS SQUARE FEET ANNUAL RENTAL GROSS ANNUAL
RENTAL*
- --------------------------------------------------------------------------------------------
Industrial Building in Carson, CA
- ------------------------------------
1997 0 0 $ 0 0%
1998 3 46,939 $230,579 41%
1999 3 50,540 $242,664 43%
2000 1 18,253 $ 87,614 16%
2001 0 0 $ 0 0%
2002 0 0 $ 0 0%
2003 0 0 $ 0 0%
2004 0 0 $ 0 0%
2005 0 0 $ 0 0%
2006 0 0 $ 0 0%
Industrial Building in Dallas, TX
- ------------------------------------
1997 0 0 $ 0 0%
1998 0 0 $ 0 0%
1999 0 0 $ 0 0%
2000 0 0 $ 0 0%
2001 0 0 $ 0 0%
2002 0 0 $ 0 0%
2003 0 0 $ 0 0%
2004 0 0 $ 0 0%
2005 0 0 $ 0 0%
2006 0 0 $ 0 0%
Apartment Complex in Frederick, MD
- ------------------------------------
1996 N/A N/A N/A N/A
1997 N/A N/A N/A N/A
1998 N/A N/A N/A N/A
1999 N/A N/A N/A N/A
2000 N/A N/A N/A N/A
2001 N/A N/A N/A N/A
2002 N/A N/A N/A N/A
2003 N/A N/A N/A N/A
2004 N/A N/A N/A N/A
2005 N/A N/A N/A N/A
Industrial Building, Petaluma, CA
- ------------------------------------
1997 0 0 $ 0 0%
1998 0 0 $ 0 0%
1999 0 0 $ 0 0%
2000 0 0 $ 0 0%
2001 0 0 $ 0 0%
2002 1 35,100 $431,028 100%
2003 0 0 $ 0 0%
2004 0 0 $ 0 0%
2005 0 0 $ 0 0%
2006 0 0 $ 0 0%
- --------------------------------------------------------------------------------------------
Industrial Building, Itasca, IL
- ---------------------------------
1997 0 0 $ 0 0%
1998 0 0 $ 0 0%
1999 1 70,535 $352,675 100%
2000 0 0 $ 0 0%
2001 0 0 $ 0 0%
2002 0 0 $ 0 0%
2003 0 0 $ 0 0%
2004 0 0 $ 0 0%
2005 0 0 $ 0 0%
2006 0 0 $ 0 0%
- -----------------------------------------------------------
* Does not include expenses paid by tenants.
The following table sets forth for each of the Partnership's properties
the: (i) federal tax basis, (ii) rate of depreciation, (iii) method of
depreciation, (iv) life claimed for purposes of depreciation, and (v)
accumulated depreciation.
Rate of Life Accumulated
Entity / Property Tax Basis Depreciation Method in years Depreciation
- --------------------------------------------------------------------------------------------------
Apartment Complex in Frederick, MD
- -------------------------------------
Building & Improvements $ 2,666,994 N/A 150% DB 15 $1,278,656
Building & Improvements 10,239,068 3.64% SL 27.5 2,296,416
----------- ----------
Total Depreciable Assets $12,906,062 $3,575,072
Industrial Building in Petaluma, CA
- -------------------------------------
Building & Improvements $ 2,141,214 3.18% SL 31.5 $ 376,502
Building Improvements 295,617 6.67% SL 15 108,414
----------- ----------
Total Depreciable Assets $ 2,436,831 $ 484,916
Industrial Building in Carson, CA
- -------------------------------------
Building $ 3,727,028 2.50% SL 40 $ 647,415
----------- ----------
Total Depreciable Assets $ 3,727,028 $ 647,415
Industrial Building in Dallas, TX
- -------------------------------------
Building $ 4,124,597 2.50% SL 40 $ 734,169
----------- ----------
Total Depreciable Assets $ 4,124,597 $ 734,169
Industrial Building in Itasca, IL
- -------------------------------------
Building $ 2,121,478 2.50% SL 40 $ 280,047
----------- ----------
Total Depreciable Assets $ 2,121,478 $ 280,047
Total Depreciable Assets $25,315,996 $5,721,619
=========== ==========
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SL = Straight Line
DB = Declining Balance
Following is information regarding the competitive market conditions for
each of the Partnership's properties. This information has been gathered from
sources deemed reliable. However, the Partnership has not independently
verified the information and, as such, cannot guarantee its accuracy or
completeness:
Industrial Building in Carson, California
- -----------------------------------------
This property is located within the greater Los Angeles industrial market,
consisting of 957 million square feet. More specifically, the property is
located within the South Bay industrial market, which consists of 194 million
square feet, or 20% of the total Los Angeles industrial market. As of September
30, 1996, the South Bay industrial vacancy rate was approximately 9.3%, slightly
higher than the Los Angeles Industrial market as a whole, which had a vacancy
rate of 8.5%.
Industrial Building in Dallas, Texas
- ------------------------------------
This industrial building is located in the Dallas/Fort Worth industrial market.
As of December 31, 1996, this market had a total inventory of approximately 375
million square feet, which represents an increase of approximately 13.5 million
square feet from year end 1995. Overall vacancy at year end 1996 was 7.4%. It
is estimated that another 12.9 million square feet of industrial space is under
construction. The building is located within the North Stemmons submarket which
totals approximately 27 million square feet or 7% of the total Dallas/Fort Worth
inventory. At year end 1996, vacancy in this sub market was 9.8%.
Industrial Building, Itasca, Illinois.
- -------------------------------------
This industrial building is located in the Metropolitan Chicago industrial
market. As of September 30, 1996, the overall market had a total inventory of
approximately 925 million square feet, approximately 63.7 million square feet,
or 6.9% of which, was vacant. This availability represents an increase of
roughly 8.3 million square feet from the period ending 12 months earlier, which
is due, in part, to new speculative construction delivered to the market with
limited pre-leasing activity. The Northeast Dupage submarket has currently 5.9
million square feet of available space, up 13% from 12 months ago but down 47%
from 1993 levels.
Apartment Complex in Frederick, Maryland.
- ----------------------------------------
This apartment complex is located in the southwestern section of the City of
Frederick, Maryland, which is approximately 50 miles from both Washington, D.C.
and Baltimore, Maryland. As of December, 1996, S.C. Back Associates, Inc.
surveyed eight competitive apartment properties within the Frederick market that
compete with the apartment complex. Overall occupancy in the market in December
1996 was 96.3%, which is up slightly from 95% a year earlier. The market is
relatively healthy as 204 new apartment units were absorbed in 1995 with a
relatively small impact on overall occupancy. Average asking rental rates have
also increased slightly.
Industrial Building, Petaluma, California
- -----------------------------------------
This property is located in northern California in the town of Petaluma which is
within the Sonoma County industrial market. As of September 30, 1996, the
Sonoma County industrial market had a total inventory of approximately
17,800,000 square feet and an overall occupancy rate of 92.6%, which is down
slightly from the occupancy level of a year earlier at 93.3%. The Petaluma
submarket is the strongest submarket within Sonoma County with a current vacancy
rate of 3% on a base of approximately 4.1 million square feet; this vacancy
level has remained relatively constant over the last several years.
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.
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
May 12, 1997
/s/ James J. Finnegan
-------------------------------
James J. Finnegan
Managing Director and General Counsel
of Managing General Partner,
Sixth Copley Corp.
May 12, 1997
/s/ Daniel C. Mackowiak
--------------------------------
Daniel C. Mackowiak
Principal Financial and Accounting
Officer of Managing General Partner,
Sixth Copley Corp.