Total pages: 7
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 25, 1997
------------------------
BOETTCHER PENSION INVESTORS, LTD.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
COLORADO 0-13219 84-0948497
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
77 West Wacker Drive Chicago, IL 60601
- --------------------------------------------------------------------------------
(Address of principal (Zip code)
executive office)
Registrant's telephone number, including area code (312) 574-6000
-----------------------------
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
Item 5. Other Events
On July 14, 1997, the Partnership entered into a contract to sell the land,
related improvements and personal property of the retail center known as Parkway
Village Shopping Center ("Parkway") located in Provo, Utah to an unrelated third
party. The prospective purchaser's due diligence period expired on August 25,
1997. The sale of Parkway is now primarily contingent upon the majority vote of
the Partnership's limited partners to approve the sale, as provided in the
Partnership agreement, on or before November 17, 1997. Closing is subject to
customary conditions. If the prospective purchaser does not close for reasons
other than the fault of the Partnership, the Partnership will be entitled to
keep an aggregate of $100,000 of earnest money.
Contingent upon the closing of the proposed sale and majority vote of the
Partnership's limited partners to approve, the General Partner will proceed to
dissolve and liquidate the Partnership in accordance with the Partnership
agreement.
Item 7. Financial Statements and Exhibits
(a) Financial Statements--Not applicable.
(b) Pro forma financial information--See pages 4 through 7 filed as part
of this report.
(c) Exhibits
10.22* Contract of Purchase and Sale Agreement for Parkway Village
Shopping Center by and between Boettcher Pension Investors,
Ltd., as seller, and Sussex Group L.C., as buyer, dated July
14, 1997.
10.23* First amendment to Purchase and Sale Agreement for Parkway
Village Shopping Center by and between Boettcher Pension
Investors, Ltd., as seller, and Sussex Group L.C., as buyer,
effective August 25, 1997.
* To be filed by amendment.
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BOETTCHER PENSION INVESTORS LTD.
--------------------------------
(Registrant)
By: Boettcher Affiliated Investors L.P.
Managing General Partner
By: Boettcher Properties, Ltd.
Managing General Partner
By: BPL Holdings, Inc.
Managing General Partner
Dated: September 9, 1997 By: /s/ Thomas M. Mansheim
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Treasurer; Principal Financial
and Accounting Officer of the
Partnership
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BOETTCHER PENSION INVESTORS, LTD.
(A Limited Partnership)
Pro Forma Balance Sheet
April 30, 1997
(Unaudited)
Pro Forma Adjustments
---------------------
Historical Sale of Liquidation & Pro Forma
April 30, 1997 Parkway Dissolution April 30, 1997
-------------- ------- ----------- --------------
Assets
------
Real estate held for sale $6,035,967 $(6,035,967) $ - $ -
Cash and cash equivalents, at cost
which approximates market value 817,860 2,249,631 (3,067,491) -
Accounts receivable, and other assets,
net of allowances of $96,784 41,004 (41,004) - -
---------- ----------- ----------- ---
Total Assets $6,894,831 $(3,827,340) $(3,067,491) $ -
========== =========== =========== ===
Liabilities and Partners' Capital
- ---------------------------------
Mortgage payable $5,721,089 $(5,721,089) $ - $ -
Payable to managing general partner 84,782 - (69,005) -
(15,777)
Property taxes payable 21,990 (21,990) - -
Accrued interest payable 45,292 (45,292) - -
Accounts payable and accrued liabilities 21,534 (21,534) - -
Other liabilities 25,464 (25,464) - -
---------- ----------- ----------- ---
Total Liabilities 5,920,151 (5,835,369) (84,782) -
---------- ----------- ----------- ---
Partners' Capital:
General partners (35,857) 20,080 15,777 -
Limited partners 1,010,537 1,987,949 (2,998,486) -
---------- ----------- ----------- ---
Total Partners' Capital 974,680 2,008,029 (2,982,709) -
---------- ----------- ----------- ---
Total Liabilities & Partners' Capital $6,894,831 $(3,827,340) $(3,067,491) $ -
========== =========== =========== ===
See accompanying notes to financial statements.
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BOETTCHER PENSION INVESTORS LTD.
(A Limited Partnership)
Pro Forma Statement of Operations
For the six months ended April 30, 1997
(Unaudited)
Pro Forma Adjustments
---------------------
Historical Pro Forma
Six Months Ended Sale of Parkway, Six Months Ended
April 30, 1997 Liquidation & Dissolution April 30, 1997
---------------- ------------------------- ----------------
Revenue:
Rental income $476,679 $(476,679) $ --
Tenant reimbursements and other
income 75,504 (75,504) --
Interest income 16,004 (16,004) --
-------- --------- --------
568,187 (568,187) --
-------- --------- --------
Expenses:
Interest 272,584 (272,584) --
Property taxes 28,726 (28,726) --
Fees and reimbursements to
management general partner 13,127 (13,127) --
Other management fees 21,793 (21,793) --
Repairs and maintenance 32,460 (32,460) --
Utilities 10,270 (10,270) --
General and administrative 45,677 (45,677) --
Environmental 27,962 (27,962) --
-------- --------- --------
452,599 (452,599) --
-------- --------- --------
Net earnings (loss) $115,588 $(115,588) $ --
======== ========= ========
Net earnings per limited partnership unit
using the weighted average number of
limited partnership units outstanding
of 10,717 $ 10.79 $ (10.79) $ --
======== ========= ========
See accompanying notes to financial statements.
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BOETTCHER PENSION INVESTORS LTD.
(A Limited Partnership)
Pro Forma Statement of Operations
For the Year Ended October 31, 1996
(Unaudited)
Pro Forma Adjustments
--------------------------
Historical Pro Forma
Year Ended Sale of Parkway, Year Ended
October 31, 1996 Liquidation & Dissolution October 31, 1996
---------------- -------------------------- ----------------
Revenue:
Rental income $ 981,777 $ (981,777) $ -
Tenant reimbursements and
other income 180,206 (180,206) -
Interest income 30,863 (30,863) -
---------- ----------- ---
1,192,846 (1,192,846) -
---------- ----------- ---
Expenses:
Interest 550,891 (550,891) -
Depreciation and amortization 195,840 (195,840) -
Property taxes 82,585 (82,585) -
Fees and reimbursements to managing
general partner 23,201 (23,201) -
Other management fees 49,184 (49,184) -
Repairs and maintenance 72,370 (72,370) -
Utilities 34,267 (34,267) -
General and administrative 123,487 (123,487) -
Environmental 46,157 (46,157) -
---------- ----------- ---
1,177,982 (1,177,982) -
---------- ----------- ---
Earnings (loss) from operations 14,864 (14,864) -
Gain (loss) on sale of real estate
investment (20,402) 20,402 -
---------- ----------- ---
Net earnings (loss) $ (5,538) $ 5,538 $ -
========== =========== ===
Net earnings (loss) per limited partnership unit
using the weighted average number of
limited partnership units outstanding of
10,717 $ (.52) $ .52 $ -
========== =========== ===
See accompanying notes to financial statements.
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BOETTCHER PENSION INVESTORS LTD.
(A Limited Partnership)
NOTES TO UNAUDITED PRO FORMA FINANCIAL INFORMATION
1) The unaudited pro forma balance sheet assumes that the Partnership had sold
Parkway Village Shopping Center ("Parkway") for $8,500,000 and liquidated
and dissolved the Partnership as of April 30, 1997. The unaudited pro forma
statements of operations restate the historical operations of the
Partnership for the year ended October 31 , 1996, and the six months ended
April 30, 1997, by eliminating in total the operating results of the
Partnership.
1) The estimated gain recognized from the sale of Parkway and estimated
distribution of available funds in liquidation of the Partnership to
Limited Partners as of April 30, 1997 has been computed as follows:
Gain on sale of real estate investment:
- ---------------------------------------
Total contract sale price $ 8,500,000
Less: Net book value of real estate investment (6,035,967)
Selling commission (340,000)
Other expenses of sale (primarily legal
fees and title insurance) (75,000)
-----------
Gain on sale 2,049,033
Write off of non-cash assets (41,004)
Estimated expenses of liquidation and dissolution (15,000)
-----------
Net gain on sale and dissolution $ 1,993,029
===========
Distribution to Partners:
Total contract sale price $ 8,500,000
Selling commission (340,000)
Other expenses of sale (primarily legal fees and title insurance) (75,000)
Less: Current liabilities of Parkway (including mortgage payable) (5,835,369)
-----------
Adjusted cash received 2,249,631
Add: Current liquid assets of the Partnership 817,860
Less: Outstanding debt to Managing General Partner (69,005)
Estimated expenses of liquidation and dissolution (15,000)
-----------
Cash available for final distribution $ 2,983,486
===========
Distribution to Limited Partners per $1,000 unit $ 278
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