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 7, 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 August 7, 1998 Copley Pension Properties VI: A Real Estate Limited
Partnership (the "Partnership") sold its interest in Frederick Partners (the
"Joint Venture"), a general partnership that owns real property located in
Frederick, Maryland to an unaffiliated third party (the "Buyer") for gross
proceeds of $21,800,000. The terms of the sale were determined by arm's length
negotiation between the Buyer and the Joint Venture. The Partnership received
its 75% share of net proceeds of approximately $16,339,000 and recognized a gain
of approximately $5,873,000.
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 June 30, 1998 (Exhibit A). The pro forma
income statements are presented for the fiscal year ended December 31, 1997
(Exhibit B) and the period ended June 30, 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: August 20, 1998 COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Sixth Copley Corp.
Managing General Partner
By: Wesley M. Gardiner, Jr.
--------------------------------
Name: Wesley M. Gardiner, Jr.
Title: President, Chief Executive
Officer and Director
Copley Pension Properties VI; EXHIBIT A
A Real Estate Limited Partnership
Pro Forma Balance Sheet
June 30, 1998
Unaudited
Pro Forma June 30, 1998
June 30, 1998 Adjustment Pro Forma
------------- ---------- -------------
ASSETS
Real estate investments:
Joint ventures $ 1,685,836 - $ 1,685,836
Property, net 4,166,835 - 4,166,835
----------- ----------- -----------
5,852,671 0 5,852,671
Joint ventures held for disposition 13,040,440 (9,974,931) 3,065,509
Cash and cash equivalents 3,575,853 16,338,750 (a) 19,914,603
----------- ----------- -----------
$22,468,964 $ 6,363,819 $28,832,783
=========== =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 66,940 - $ 66,940
Accrued management fee 50,299 - 50,299
Deferred disposition fees 717,677 490,500 (b) 1,208,177
----------- ----------- -----------
Total liabilities 834,916 490,500 1,325,416
----------- ----------- -----------
Partners' capital (deficit):
Limited partners ($660.29 per unit;
160,000 units authorized, 48,788
units issued and outstanding) 21,684,637 5,814,586 (a) 27,499,223
General partners (50,589) 58,733 (a) 8,144
----------- ----------- -----------
Total partners' capital 21,634,048 5,873,319 27,507,367
----------- ----------- -----------
$22,468,964 $ 6,363,819 $28,832,783
=========== =========== ===========
Copley Pension Properties VI; EXHIBIT B
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) 10,272 (c) (254,641)
---------- ---------- ----------
174,042 10,272 184,314
Joint venture earnings 1,351,347 (865,614)(c) 485,733
---------- ---------- ----------
Total real estate operations 1,525,389 (855,342) 670,047
Gain on sales of property 248,172 5,873,319 (a) 6,121,491
---------- ---------- ----------
Total real estate activity 1,773,561 5,017,977 6,791,538
Interest on cash equivalents and short term investments 275,126 - 275,126
---------- ---------- ----------
Total investment activity 2,048,687 5,017,977 7,066,664
Portfolio Expenses
Management fee 280,592 (112,689)(f) 167,903
General and administrative 179,786 (3,750)(g) 176,036
---------- ---------- ----------
460,378 (116,439) 343,939
---------- ---------- ----------
Net income $1,588,309 $5,134,416 $6,722,725
========== ========== ==========
Net income per limited partnership unit $ 32.23 $104.19 (d) $ 136.42
========== ========== ==========
Number of limited partnership units
outstanding during the period 48,788 48,788 48,788
========== ========== ==========
Copley Pension Properties VI; EXHIBIT C
A Real Estate Limited Partnership
Pro Forma Income Statement
June 30, 1998
Unaudited
Pro Forma June 30, 1998
June 30, 1998 Adjustment Pro Forma
------------- ---------- -------------
Investment Activity
Property rentals $ 352,050 $ 352,050
Property operating expenses (108,140) (108,140)
Depreciation and amortization (73,237) 5,136 (e) (68,101)
---------- ---------- ----------
170,673 5,136 175,809
Joint venture earnings 779,993 (542,411)(e) 237,582
---------- ---------- ----------
Total real estate operations 950,666 (537,275) 413,391
Gain on sale of property 0 5,873,319 (a) 5,873,319
---------- ---------- ----------
Total real estate activity 950,666 5,336,044 6,286,710
Interest on cash equivalents and short term investments 91,597 - 91,597
---------- ---------- ----------
Total investment activity 1,042,263 5,336,044 6,378,307
Portfolio Expenses
Management fee 100,598 (65,283)(f) 35,315
General and administrative 105,724 - 105,724
---------- ---------- ----------
206,322 (65,283) 141,039
---------- ---------- ----------
Net income $ 835,941 $5,401,327 $6,237,268
========== ========== ==========
Net income per limited partnership unit $ 16.96 $ 109.60 (d) $ 126.56
========== ========== ==========
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.