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Previous: ELECTRO SCIENTIFIC INDUSTRIES INC, 10-Q, 1995-10-12 |
Next: HOSPITAL STAFFING SERVICES INC, 10-Q, 1995-10-12 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 29, 1995
SHELTER PROPERTIES VI LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
SOUTH CAROLINA 0-13261 57-0755618
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification
Number)
One Insignia Financial Plaza
Post Office Box 1089
Greenville, South Carolina 29602
(Address of Principal Executive Office)
Registrant's telephone number, including area code (803) 239-1000
Item 2. Acquisition or Disposition of Assets
On September 29, 1995, Shelter Properties VI Limited Partnership sold Marble
Hill Apartments located in Richmond, Virginia to United Dominion Realty at
Marble Hill, LLC, a Virginia limited liability company, an unaffiliated party.
Total consideration was $5,910,000.
Item 7. Financial Statements and Exhibits
(b). Pro forma financial information
Marble Hill Apartments was sold on September 29, 1995 to an unaffiliated
party. The following unaudited condensed balance sheet of the Partnership
assumes the property had been disposed of at July 31, 1995.
<TABLE>
<CAPTION>
Pro Forma Consolidated Balance Sheet
(Unaudited)
<S> <C> <C> <C>
July 31, 1995 Pro Forma July 31, 1995
As Reported Adjustments Pro Forma
Cash $ 893,793 $ 2,567,189 (1) $ 3,460,982
Other assets 3,695,594 (323,166) (1) 3,372,428
Land 5,635,471 (685,968) (1) 4,949,503
Buildings & related
personal property 52,279,994 (7,148,694) (1) 45,131,300
Accumulated depreciation (24,222,755) 3,612,357 (1) (20,610,398)
Total assets $ 38,282,097 $(1,978,282) $ 36,303,815
Accounts payable and
accrued liabilities $ 1,541,103 $ (107,171) (1) $ 1,433,932
Mortgage notes payable 31,197,562 (3,165,810) (1) 28,031,752
Total liabilities 32,738,665 (3,272,981) 29,465,684
Partner's Capital $ 5,543,432 1,294,699 6,838,131
Total liabilities and
partners capital $ 38,282,097 $(1,978,282) $ 36,303,815
</TABLE>
[FN]
(1) Represents pro forma adjustments to reflect the removal of assets and
liabilities related to the sale of Marble Hill Apartments.
The following pro forma statements of loss assume Marble Hill Apartments
had been sold as of July 31, 1995 and October 31, 1994, respectively. The
following pro forma statements of loss do not reflect the gain realized from the
sale.
<TABLE>
<CAPTION>
Pro Forma Consolidated Statements of Loss
(Unaudited)
For the nine months ended For the year ended
July 31, 1995 October 31, 1994
<S> <C> <C> <C> <C> <C> <C>
Adjustments Adjustments
As Reported (2) Pro Forma As Reported (2) Pro Forma
Total revenue $8,171,340 $(1,018,467) $7,152,873 $10,439,524 $(1,242,171) $ 9,197,353
Operating expenses 2,059,544 (267,552) 1,791,992 2,857,528 (354,380) 2,503,148
General and administrative 320,124 -- 320,124 254,042 -- 254,042
Property management fees 405,758 (50,512) 355,246 517,482 (61,589) 455,893
Repairs and maintenance 1,062,734 (197,983) 864,751 1,760,186 (326,247) 1,433,939
Depreciation 1,633,249 (212,464) 1,420,785 2,106,247 (273,992) 1,832,255
Interest 2,142,533 (217,672) 1,924,861 2,897,571 (294,236) 2,603,335
Property taxes 705,812 (44,335) 661,477 966,589 (54,887) 911,702
Total cost and expenses 8,329,754 (990,518) 7,339,236 11,359,645 (1,365,331) 9,994,314
Loss on disposal of property $ (13,457) $ -- $ (13,457) $ (52,683) $ 23,601 $ (29,082)
Net loss $ (171,871) $ (27,949) $ (199,820) $ (972,804) $ 146,761 $ (826,043)
Net loss per limited
partnership unit $ (4.02) $ (.65) $ (4.67) $ (22.75) $ 3.43 $ (19.32)
Weighted average
number of units 42,324 42,324 42,324 42,324
</TABLE>
[FN]
(2) Represents pro forma adjustments to remove revenues and expenses related to
Marble Hill Apartments as a result of the sale.
Certain reclassifications have been made to the 1994 balances to conform to
the 1995 presentation.
SIGNATURES
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 hereunto authorized.
SHELTER PROPERTIES VI LIMITED PARTNERSHIP
By: Shelter Realty VI Corporation
Corporate General Partner
Date: October 12, 1995 By: /s/William H. Jarrard, Jr.
William H. Jarrard, Jr.
President and Director
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