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UNITED STATES
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) NOVEMBER 25, 2002
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Commission file number 0-20164
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Krupp Government Income Trust II
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Massachusetts 04-3073045
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(State or other jurisdiction (IRS employer
of incorporation or organization) identification no.)
One Beacon Street, Boston, Massachusetts 02108
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(Address of principal executive offices) (Zip Code)
(617) 523-0066
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
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Item 5. OTHER EVENTS
UPDATES ON POTENTIAL LOAN PAYOFFS
The following information updates information included in the
quarterly report for the period ended September 30, 2002 of Krupp
Government Income Trust II ("GIT II"). GIT II is providing this
information solely in light of the announcement by Berkshire
Income Realty, Inc. ("BIR") of its intention to conduct an
exchange offer for shares. By disclosing the information below,
GIT II does not intend to indicate that it believes this
information to be material to shareholders. Moreover, GIT II
expressly disclaims any obligation to provide periodic updates
regarding the status of its mortgage portfolio or otherwise, other
than in its regular quarterly or annual public filings.
On November 25, 2002, GIT II received $4,488,878, which was a
payoff of the Sunset Summit Additional Loan. The payoff consisted
of $1,900,000 for the principal due on the Additional Loan, base
interest of $33,250, Preferred Interest of $1,532,498 and
Participating Appreciation Interest of $1,023,130. On December 26,
2002, GIT II received the proceeds from the Fannie Mae MBS of
$9,094,934. During the first half of 2003 GIT II will pay a
special dividend of $0.74 per share from the prepayment of the
Sunset Summit PIMI.
On December 30, 2002, GIT II received a prepayment of the Mequon
Trails PIM participation feature totaling $572,226. The payoff
consisted of $385,000 of Shared Appreciation Interest and $187,226
of Minimum Additional Interest and Shared Income Interest. GIT II
will receive the proceeds from the Fannie Mae MBS portion of the
Mequon Trails PIM in January 2003 (approximately $13,008,000). GIT
II will make a special dividend of $0.74 per share from the
proceeds of the Mequon Trails PIM prepayment during the first half
of 2003.
GIT II expects to receive a prepayment of the Oasis at Springtree
Additional Loan during the first quarter of 2003.
The borrower on the Crossings Village PIMI has contacted GIT II
regarding a payoff. GIT II expects that this loan will not be paid
off until October 2003 at the earliest due to the yield
maintenance provision on the first mortgage, which underlies the
Fannie Mae MBS.
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SIGNATURE
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.
KRUPP GOVERNMENT INCOME TRUST II
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(Registrant)
BY: /S/ ROBERT A. BARROWS
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Robert A. Barrows
Treasurer and Chief Accounting Officer of
Krupp Government Income Trust II.
Date: January 3, 2003
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