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 II; A REAL ESTATE LIMITED PARTNERSHIP (Exact Name of Registrant as Specified in its Charter) Massachusetts (State or Other Jurisdiction of Incorporation) 0-13323 04-2803902 (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 II; A Real Estate Limited Partnership (the "Partnership"), owned a 75% interest in a shopping center located at 1975 Diamond Boulevard, Concord, California known as the Willows Shopping Center (the "Property"). The remaining 25% was owned by New England Life Pension Properties; 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 $21,037,891 and recognized a gain of $3,332,401. 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 II; A REAL ESTATE LIMITED PARTNERSHIP (Registrant) By: Copley Properties Company II, Inc. General Partner By: Wesley M. Gardiner, Jr. -------------------------------- Name: Wesley M. Gardiner, Jr. Title: President New England Life Pension Properties II; 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 $12,894,558 0 $12,894,558 Property, net 16,451,267 (16,451,267)(a) 0 Deferred leasing costs and other assets, net 850,934 (850,934)(a) 0 ------------------ ------------------- ----------------- 30,196,759 (17,302,201) 12,894,558 Cash and cash equivalents 3,942,917 19,757,540 (a) 23,700,457 Short-term investments 1,579,430 0 1,579,430 Interest and rent receivable 36,051 (25,426)(a) 10,625 ------------------ ------------------- ------------------ $35,755,157 $2,429,913 $38,185,070 ================== ================= ================== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $878,407 (814,638)(a), (h) $63,769 Accrued management fee 53,475 0 53,475 Deferred disposition fees 472,312 642,938 (b) 1,115,250 ------------------ ----------------- ------------------ Total liabilities 1,404,194 (171,700) 1,232,494 ------------------ ----------------- ------------------ Partners' capital: Limited partners ($766.04 per unit; 110,000 units authorized, 39,917 units issued and outstanding) 34,275,052 2,575,597 (a) 36,850,649 General partner 75,911 26,016 (a) 101,927 ------------------ ----------------- ------------------ Total partners' capital 34,350,963 2,601,613 36,952,576 ------------------ ----------------- ------------------ $35,755,157 $2,429,913 $38,185,070 ================== ================= ================== New England Life Pension Properties II; 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 $2,364,793 (2,364,793)(c) $0 Property operating expenses (1,029,200) 1,029,200 (c) 0 Depreciation and amortization (706,119) 702,947 (c) (3,172) ---------------- ----------------- ---------------- 629,474 (632,646) (3,172) Ground rentals and interest on mortgage loans 2,552,474 0 2,552,474 Credit from impaired mortgage loans 17,291 0 17,291 ---------------- ----------------- ---------------- Total real estate operations 3,199,239 (632,646) 2,566,593 Gain on sale of property 0 2,812,921 (a), (i) 2,812,921 ---------------- ----------------- ---------------- Total real estate activity 3,199,239 2,180,275 5,379,514 Interest on cash equivalents and short term investments 303,473 0 303,473 ---------------- ----------------- ---------------- Total investment activity 3,502,712 2,180,275 5,682,987 Portfolio Expenses Management fee 248,355 (6,207)(f) 242,148 General and administrative 145,682 (9,920)(g) 135,762 ---------------- ----------------- ---------------- 394,037 (16,127) 377,910 ---------------- ----------------- ---------------- Net income $3,108,675 $2,196,402 $5,305,077 ================ ================= ================ Net income per limited partnership unit $77.10 $54.47 (d) $131.57 ================ ================= ================ Number of limited partnership units outstanding during the period 39,917 39,917 39,917 ================ ================= ================ New England Life Pension Properties II; 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 $1,544,865 (1,544,865)(e) $0 Property operating expenses (415,235) 415,235 (e) 0 Depreciation and amortization (379,693) 378,107 (e) (1,586) --------------- ----------------- ------------------- 749,937 (751,523) (1,586) Ground rentals and interest on mortgage loans 1,007,766 0 1,007,766 --------------- ----------------- ------------------- Total real estate operations 1,757,703 (751,523) 1,006,180 Gain on sale of property 0 2,812,921 (a),(i) 2,812,921 --------------- ----------------- ------------------- Total real estate activity 1,757,703 2,061,398 3,819,101 Interest on cash equivalents and short term investments 131,934 0 131,934 --------------- ----------------- ------------------- Total investment activity 1,889,637 2,061,398 3,951,035 Portfolio Expenses Management fee 109,702 (19,599)(f) 90,103 General and administrative 78,816 (4,113)(g) 74,703 --------------- ----------------- ------------------- 188,518 (23,712) 164,806 --------------- ----------------- ------------------- Net income $1,701,119 $2,085,110 $3,786,229 =============== ================= =================== Net income per limited partnership unit $42.19 $51.71 (d) $93.90 =============== ================= =================== Number of limited partnership units outstanding during the period 39,917 39,917 39,917 =============== ================= =================== 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.