SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) JUNE 30, 1998
PROPERTY RESOURCES FUND VI
(Exact Name of Registrant as Specified in its Charter)
CALIFORNIA 2-77330 94-2838890
State or other jurisdiction Commission File IRS Employer
of incorporation Number Identification
Number
1800 GATEWAY DRIVE, SAN MATEO, CA 94404
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (650)312-3000
ITEM 7: PRO FORMA FINANCIAL INFORMATION
On June 30, 1998, Property Resources Fund VI ("the Partnership") sold the
Grouse Run Apartments ("Grouse Run") property to an unaffiliated buyer for a
total sales price of $6,902,500 resulting in net cash proceeds to the
Partnership of $6,625,750. In connection with the sale, the Partnership
recognized a gain of $2,498,000.
The unaudited condensed pro forma statements of operations set forth below
are presented as if the sale of the Grouse Run had occurred on January 1,
1997. The sale of Grouse Run occurred on June 30, 1998, and therefore the
balance sheet presented in the interim financial statements as of that date
reflected the effects of the sale. The proforma financial and operating data
are not necessarily indicative of what actual results of operations or the
financial position of the Partnership would have been, nor does it purport to
present the results of operations or financial position for future periods.
Unaudited Condensed Pro Forma Statements of Operations
Property Resources Fund VI
(in thousands except per unit amounts)
FOR THE YEAR ENDED DECEMBER 31, 1997
Unadjusted Adjustments Proforma
Total revenue $2,122 $(1,213) $909
Total expenses $1,667 $(1,207) $460
Net income $455 $(6) $449
Net income per unit $20.01 $19.73
FOR THE SIX MONTHS ENDED JUNE 30, 1998
Unadjusted Adjustments Proforma
Total revenue $1,054 $(580) $474
Total expenses $885 $(619) $266
Net income $2,667 $(2,460) $207
Net income per unit $122.03 $8.08
The pro forma statements of operations do not include the related gains on
sale of rental property.
Total revenues are adjusted by the amount of rental revenues generated by
Grouse Run during the periods presented. Expenses are reduced by the
property operating expenses associated with Grouse Run, offset by the reduced
interest expense resulting from the revised debt structure following the
assumed sale of the property on January 1, 1997.
The proforma financial and operating data are not necessarily indicative of
what actual results of operations or the financial position of the
Partnership would have been, nor does it purport to present the results of
operations or financial position for future periods.
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 heretofore duly authorized.
Dated: September 16, 1998 PROPERTY RESOURCES, INC.,
General Partner of Property Resources Fund VI
BY: /S/ DAVID P. GOSS
David P. Goss
President
