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 18, 1997
NEW ENGLAND LIFE PENSION PROPERTIES; A REAL ESTATE LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in its Charter)
Massachusetts
(State or Other Jurisdiction of Incorporation)
0-11884 04-2774875
(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 2, 1997.
Item 2. Acquisition or Disposition of Assets.
- ----------------------------------------------
New England Life Pension Properties; A Real Estate Limited Partnership (the
"Partnership"), owned a 25% interest in a shopping center located at 1975
Diamond Boulevard, Concord, California known as the Willows Shopping Center (the
"Property"). The remaining 75% was owned by New England Life Pension Properties
II; A Real Estate Limited Partnership, an affiliate of the Partnership
(collectively the "Partnerships"). On September 18, 1997, the Partnerships sold
their collective interest in the Property to an unrelated third party for total
gross proceeds of $28,575,000. The terms of the sale were determined by arms-
length negotiation between the buyer and AEW Real Estate Advisors, Inc., on
behalf of the Partnerships. The Partnership received net proceeds of $7,012,630
and recognized a gain of $1,120,783.
Item 7. Financial Statements and Exhibits.
- -------------------------------------------
a.) Financial statements of businesses acquired.
Not Applicable.
b.) Pro Forma Financial Information.
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, 1997 (Exhibit A). The pro forma
income statements are presented for the fiscal year ended December 31, 1996
(Exhibit B) and the period ended June 30, 1997 (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: November 26, 1997 NEW ENGLAND LIFE PENSION PROPERTIES;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
By: Copley Properties Company, Inc.
General Partner
By: Wesley M. Gardiner, Jr.
--------------------------------
Name: Wesley M. Gardiner, Jr.
Title: President
New England Life Pension Properties; EXHIBIT A
A Real Estate Limited Partnership
Pro Forma Balance Sheet
June 30, 1997
Unaudited
Pro Forma June 30, 1997
June 30, 1997 Adjustment Pro Forma
------------- ---------- ---------
ASSETS
Real estate investments:
Ground leases and mortgage loans, net $4,761,213 0 $4,761,213
Property, net 5,473,773 (5,473,773)(a) 0
Deferred leasing costs and other assets, net 283,645 (283,645)(a) 0
-------------------- ----------------- ----------------
10,518,631 (5,757,418) 4,761,213
Cash and cash equivalents 2,138,751 6,585,846 (a) 8,724,597
Short-term investments 983,053 0 983,053
Interest, rent and other receivables 8,475 (8,475)(a) 0
-------------------- ----------------- ----------------
$13,648,910 $819,953 $14,468,863
==================== ================= ================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $390,369 (271,546)(a), (h) $118,823
Deferred disposition fees 654,543 214,312 (b) 868,855
-------------------- ----------------- ----------------
Total liabilities 1,044,912 (57,234) 987,678
-------------------- ----------------- ----------------
Partners' capital:
Limited partners ($360.00 per unit;
30,000 units authorized, issued and outstanding) 12,556,272 868,415 (a) 13,424,687
General partner 47,726 8,772 (a) 56,498
-------------------- ----------------- ----------------
Total partners' capital 12,603,998 877,187 13,481,185
-------------------- ----------------- ----------------
$13,648,910 $819,953 $14,468,863
==================== ================= ================
New England Life Pension Properties; EXHIBIT B
A Real Estate Limited Partnership
Pro Forma Income Statement
December 31, 1996
Unaudited
Pro Forma December 31, 1996
December 31, 1996 Adjustment Pro Forma
----------------- ---------- ---------
Investment Activity
Property rentals $788,265 (788,265)(c) $0
Property operating expenses (343,067) 343,067 (c) 0
Depreciation and amortization (234,316) 234,316 (c) 0
---------------------- ----------------- -----------------
210,882 (210,882) 0
Ground rentals and interest on mortgage loans 800,210 0 800,210
Provision for impaired mortgage loans (409,592) 0 (409,592)
---------------------- ----------------- -----------------
Total real estate operations 601,500 (210,882) 390,618
Gain on sale of property 0 947,623 (a), (i) 947,623
---------------------- ----------------- -----------------
Total real estate activity 601,500 736,741 1,338,241
Interest on cash equivalents and short term investments 123,999 0 123,999
---------------------- ----------------- -----------------
Total investment activity 725,499 736,741 1,462,240
Portfolio Expenses
Management fee 86,044 (2,069)(f) 83,975
General and administrative 99,955 (3,670)(g) 96,285
---------------------- ----------------- -----------------
185,999 (5,739) 180,260
---------------------- ----------------- -----------------
Net income $539,500 $742,480 $1,281,980
====================== ================= =================
Net income per limited partnership unit $17.80 $24.50 (d) $42.30
====================== ================= =================
Number of limited partnership units
outstanding during the period 30,000 30,000 30,000
====================== ================= =================
New England Life Pension Properties;
A Real Estate Limited Partnership
Pro Forma Income Statement
June 30, 1997
Unaudited
EXHIBIT C
Pro Forma June 30, 1997
June 30, 1997 Adjustment Pro Forma
------------- ---------- ---------
Investment Activity
Property rentals $514,956 (514,956)(e) $0
Property operating expenses (138,412) 138,412 (e) 0
Depreciation and amortization (126,036) 126,036 (e) 0
-------------------- ----------------- -----------------
250,508 (250,508) 0
Gain on sale of property 0 947,623 (a), (i) 947,623
-------------------- ----------------- -----------------
Total real estate activity 250,508 697,115 947,623
Interest on cash equivalents and short term investments 70,675 0 70,675
-------------------- ----------------- -----------------
Total investment activity 321,183 697,115 1,018,298
Portfolio Expenses
Management fee 0 0 (f) 0
General and administrative 56,980 (1,371)(g) 55,609
-------------------- ----------------- -----------------
56,980 (1,371) 55,609
-------------------- ----------------- -----------------
Net income $264,203 $698,486 $962,689
==================== ================= =================
Net income per limited partnership unit $8.72 $23.05(d) $31.77
==================== ================= =================
Number of limited partnership units
outstanding during the period 30,000 30,000 30,000
==================== ================= =================
Pro Forma Financial Statement Footnotes:
(a) Disposition of asset as discussed in Item 2 herein and allocation of the
gain on such disposal to the Partners.
(b) Disposition fee incurred in connection with the disposition of the asset
discussed in Item 2 herein.
(c) Removal of 1996 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 1997 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 and legal fees incurred during the pro forma period
for the disposed asset discussed in Item 2 herein.
(h) Estimated legal fees still to be incurred by the Partnership related to the
sale. Included in the calculation of the gain.
(i) Gain on sale of investment is calculated using the net book value of the
asset at June 30, 1997, the most recent interim date for which a balance
sheet was required at the time of the original 8-K filing.