SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A 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) This Current Report on Form 8-K/A amends the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on October 7, 1999. 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: December 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 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 - 3,742,541 ----------- ------------ ----------- Total real estate activity 6,252,197 (676,552) 5,575,645 Interest on cash equivalents and short term 396,197 - 396,197 investments ----------- ------------ ----------- Total investment activity 6,648,394 (676,552) 5,971,842 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 (loss) $ 5,988,711 $ (590,675) $ 5,398,036 =========== ============ =========== Net income (loss) per limited partnership unit $ 62.41 $ (6.16) (d) $ 56.25 =========== ============ =========== Number of limited partnership units outstanding during the period 94,997 94,997 94,997 =========== ============ =========== New England Life Pension Properties IV EXHIBIT C 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 - - 0 ----------- ----------- ------------ Total real estate activity 1,207,557 (390,525) 817,032 Interest on cash equivalents and short term 140,309 - 140,309 investments ----------- ----------- ------------ Total investment activity 1,347,866 (390,525) 957,341 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 (loss) $ 1,086,031 $ (322,251) $ 763,780 =========== =========== ============ Net income (loss) per limited partnership unit $ 11.32 $ (3.36) (d) $ 7.96 =========== =========== ============ 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.