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): July 14, 1998
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.)
225 Franklin Street, 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 July 14, 1998, a joint venture in which Copley Pension Properties VI;
A Real Estate Limited Partnership (the "Partnership") owns a 50% interest, sold
its property known as White Phonic to an unaffiliated third party (the "Buyer")
for total gross proceeds of $5,380,000. The terms of the sale were determined by
arms-length negotiation between the Buyer and the joint venture. The Partnership
received net proceeds of approximately $4,280,000 representing a return of
capital and accrued interest plus its participation in net sales proceeds of
$966,000. The Partnership recognized a gain of approximately $1,128,000.
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 for the period ended March 31, 1998 (Exhibit A). The pro forma
income statements are presented for the fiscal year ended December 31, 1997
(Exhibit B) and the period ended March 31, 1998 (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: July 27, 1998 COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Sixth Copley Corp.
Managing General Partner
By: /s/ Wesley M. Gardiner, Jr.
--------------------------------
Name: Wesley M. Gardiner, Jr.
Title: President
EXHIBIT A
Copley Pension Properties VI;
A Real Estate Limited Partnership
Pro Forma Balance Sheet
March 31, 1998
Unaudited
Pro Forma March 31, 1998
March 31, 1998 Adjustment Pro Forma
-------------- -------------- --------------
ASSETS
Real estate investments:
Joint ventures $14,891,065 $(3,105,544.00) $11,785,521
Property, net 4,174,953 - 4,174,953
------------- -------------- --------------
19,066,018 (3,105,544) 15,960,474
Cash and cash equivalents 3,518,975 4,279,751 (a) 7,798,726
------------- ============== ==============
$22,584,993 1,174,207 $23,759,200
============= ============== ==============
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $69,286 - $69,286
Accrued management fee 50,299 - 50,299
Deferred disposition fees 717,677 46,140 (b) 763,817
------------- -------------- --------------
Total liabilities 837,262 46,140 883,402
------------- -------------- --------------
Partners' capital (deficit):
Limited partners ($660.29 per unit;
160,000 units authorized, 48,788
units issued and outstanding) 21,797,183 1,116,786 (a) 22,913,969
General partners (49,452) 11,281 (a) (38,171)
------------- -------------- --------------
Total partners' capital 21,747,731 1,128,067 22,875,798
------------- -------------- --------------
$ 22,584,993 $ 1,174,207 $ 23,759,200
============= ============== ==============
EXHIBIT B
Copley Pension Properties VI;
A Real Estate Limited Partnership
Pro Forma Income Statement
December 31, 1997
Unaudited
Pro Forma December 31, 1997
December 31, 1997 Adjustment Pro Forma
----------------- ----------------- -----------------
Investment Activity
Property rentals $ 813,691 $813,691
Property operating expenses (374,736) (374,736)
Depreciation and amortization (264,913) 4,060 (c) (260,853)
----------------- ----------------- -----------------
174,042 4,060 178,102
Joint venture earnings 1,351,347 (294,197)(c) 1,057,150
----------------- ----------------- -----------------
Total real estate operations 1,525,389 (290,137) 1,235,252
Gain on sales of property 248,172 1,128,067 (a) 1,376,239
----------------- ----------------- -----------------
Total real estate activity 1,773,561 837,930 2,611,491
Interest on cash equivalents
and short term investments 275,126 - 275,126
----------------- ----------------- -----------------
Total investment activity 2,048,687 837,930 2,886,617
Portfolio Expenses
Management fee 280,592 (31,679)(f) 248,913
General and administrative 179,786 (5,000)(g) 174,786
----------------- ----------------- -----------------
460,378 (36,679) 423,699
----------------- ----------------- -----------------
Net income $ 1,588,309 $ 874,609 $ 2,462,918
================= ================= =================
Net income per limited partnership unit $ 32.23 $ 17.75 (d) $ 49.98
================= ================= =================
Number of limited partnership units
outstanding during the period 48,788 48,788 48,788
================= ================= =================
EXHIBIT C
Copley Pension Properties VI;
A Real Estate Limited Partnership
Pro Forma Income Statement
March 31, 1998
Unaudited
Pro Forma March 31, 1998
March 31, 1998 Adjustment Pro Forma
-------------- -------------- --------------
Investment Activity
Property rentals $178,520 $ 178,520
Property operating expenses (45,934) (45,934)
Depreciation and amortization (36,910) 1,015 (e) (35,895)
-------------- -------------- --------------
95,676 1,015 96,691
Joint venture earnings 406,957 (69,355)(e) 337,602
-------------- -------------- --------------
Total real estate operations 502,633 (68,340) 434,293
Gain on sale of property 0 1,128,067 (a) 1,128,067
-------------- -------------- --------------
Total real estate activity 502,633 1,059,727 1,562,360
Interest on cash equivalents
and short term investments 46,132 - 46,132
-------------- -------------- --------------
Total investment activity 548,765 1,059,727 1,608,492
Portfolio Expenses
Management fee 50,299 (4,942)(f) 45,357
General and administrative 57,420 - 57,420
-------------- -------------- --------------
107,719 (4,942) 102,777
-------------- -------------- --------------
Net income $ 441,046 $ 1,064,669 $ 1,505,715
============== ============== ==============
Net income per limited partnership unit $ 8.95 $ 21.60 (d) $ 30.55
============== ============== ==============
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 on such disposition to the Partners.
(b) Disposition fee incurred in connection with the disposition of the asset
discussed in Item 2 herein.
(c) Removal of 1997 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 and addition of the gain related to the disposed asset
discussed in Item 2 herein.
(e) Removal of 1998 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.