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): September 23, 1999
NEW ENGLAND LIFE PENSION PROPERTIES IV;
A REAL ESTATE LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Massachusetts
(State or Other Jurisdiction of Incorporation)
0-15429 04-2893298
(Commission File Number) (IRS Employer Identification No.)
225 Franklin Street, 25th Floor
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.
- ---------------------------------------------
New England Life Pension Properties IV; A Real Estate Limited Partnership
(the "Partnership")is the managing general partner in Lee Partners (the "Joint
Venture"), a general partnership organized to own real property. On September
23, 1999, the Joint Venture sold its property located at 3891 North Solomon
Boulevard, Fort Myers, Florida. The property was sold to an unaffiliated third
party (the "Buyer") for gross proceeds of $13,100,000. The terms of the sale
were determined by arm's length negotiation between the Buyer and the Joint
Venture. The Partnership received net proceeds of approximately $12,773,000 and
recognized a gain of approximately $3,477,000.
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, 1999 (Exhibit A). The pro forma income statements
are presented for the fiscal year ended December 31, 1998 (Exhibit B) and the
six-month period ended June 30, 1999 (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: October 7, 1999 NEW ENGLAND LIFE PENSION PROPERTIES IV;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Fourth Copley Corp.,
Managing General Partner
By: /s/ Alison Husid Cutler
---------------------------------
Name: Alison Husid Cutler
Title: President, Chief Executive
Officer and Director
New England Life Pension Properties IV EXHIBIT A
A Real Estate Limited Partnership
Pro Forma Balance Sheet
June 30, 1999
Unaudited
Pro Forma June 30, 1999
June 30, 1999 Adjustment Pro Forma
------------- ---------- ---------
ASSETS
Real estate investments:
Joint ventures $ 15,626,635 - $ 15,626,635
Property held for disposition 8,903,583 (8,903,583)(a) $ 0
Other assets 15,440 - $ 15,440
------------- ------------ -------------
24,545,658 (8,903,583) 15,642,075
Cash and cash equivalents 6,027,260 12,773,375 (a) 18,800,635
------------- ------------ -------------
$ 30,572,918 $ 3,869,792 $ 34,442,710
============= ============ =============
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 107,787 - $ 107,787
Accrued management fee 28,803 - 28,803
Deferred management fees 2,295,124 - 2,295,124
Deferred disposition fees 1,991,879 393,000 (b) 2,384,879
------------- ------------ -------------
Total liabilities 4,423,593 393,000 4,816,593
------------- ------------ -------------
Partners' capital (deficit):
Limited partners ($422 per unit;
120,000 units authorized, 94,997
units issued and outstanding) 26,193,538 3,442,024 (a) 29,635,562
General partners (44,213) 34,768 (a) (9,445)
------------- ------------ -------------
Total partners' capital 26,149,325 3,476,792 29,626,117
------------- ------------ -------------
$ 30,572,918 $ 3,869,792 $ 34,442,710
============= ============ =============
New England Life Pension Properties IV EXHIBIT B
A Real Estate Limited Partnership
Pro Forma Income Statement
Year Ended December 31, 1998
Unaudited
Year Ended
Year Ended Pro Forma December 31, 1998
December 31, 1998 Adjustment Pro Forma
----------------- ---------- -----------------
Investment Activity
Property rentals $ 2,907,757 (2,099,370)(c) $ 808,387
Property operating expenses (1,358,566) 1,087,775 (c) (270,791)
Depreciation and amortization (549,260) 335,043 (c) (214,217)
----------------- ---------- -----------------
999,931 (676,552) 323,379
Joint venture earnings 1,515,033 - 1,515,033
Amortization (5,308) - (5,308)
----------------- ---------- -----------------
Total real estate operations 2,509,656 (676,552) 1,833,104
Gain on sales of property 3,742,541 3,476,792 (a) 7,219,333
----------------- ---------- -----------------
Total real estate activity 6,252,197 2,800,240 9,052,437
Interest on cash equivalents and short term investments 396,197 - 396,197
----------------- ---------- -----------------
Total investment activity 6,648,394 2,800,240 9,448,634
Portfolio Expenses
Management fee 333,771 (85,877)(f) 247,894
General and administrative 325,912 - 325,912
----------------- ---------- -----------------
659,683 (85,877) 573,806
----------------- ---------- -----------------
Net income $ 5,988,711 $2,886,117 $ 8,874,828
================= ========== =================
Net income per limited partnership unit $ 62.41 $ 30.08 (d) $ 92.49
================= ========== =================
Number of limited partnership units
outstanding during the period 94,997 94,997 94,997
================= ========== =================
EXHIBIT C
New England Life Pension Properties IV
A Real Estate Limited Partnership
Pro Forma Income Statement
Six Months Ended June 30, 1999
Unaudited
Six Months Ended
Six Months Ended Pro Forma June 30, 1999
June 30, 1999 Adjustment Pro Forma
---------------- ---------------- ----------------
Investment Activity
Property rentals $ 1,026,922 (1,026,922)(e) $ 0
Property operating expenses (552,567) 552,567 (e) 0
Depreciation and amortization (83,830) 83,830 (e) 0
---------------- ---------------- ----------------
390,525 (390,525) 0
Joint venture earnings 819,686 - 819,686
Amortization (2,654) - (2,654)
---------------- ---------------- ----------------
Total real estate operations 1,207,557 (390,525) 817,032
Gain on sale of property - 3,476,792 (a) 3,476,792
---------------- ---------------- ----------------
Total real estate activity 1,207,557 3,086,267 4,293,824
Interest on cash equivalents and short term investments 140,309 - 140,309
---------------- ---------------- ----------------
Total investment activity 1,347,866 3,086,267 4,434,133
Portfolio Expenses
Management fee 115,211 (68,274)(f) 46,937
General and administrative 146,624 - 146,624
---------------- ---------------- ----------------
261,835 (68,274) 193,561
---------------- ---------------- ----------------
Net income $ 1,086,031 $ 3,154,541 $ 4,240,572
================ ================ ================
Net income per limited partnership unit $ 11.32 $ 32.87 (d) $ 44.19
================ ================ ================
Number of limited partnership units
outstanding during the period 94,997 94,997 94,997
================ ================ ================
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 1998 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 1999 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.