FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
(As last amended by 34-32231, eff. 6/3/93.)
U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period.........to.........
Commission file number 0-14099
CONSOLIDATED CAPITAL PROPERTIES VI
(Exact name of small business issuer as specified in its charter)
California 94-2940204
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices) (Zip Code)
Issuer's telephone number (803) 239-1000
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a) CONSOLIDATED CAPITAL PROPERTIES VI
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except for unit data)
<TABLE>
<CAPTION>
September 30, 1995
<S> <C> <C>
Assets
Cash and cash equivalents $ 1,875
Securities available for sale 390
Prepaid and other assets 594
Investment properties:
Land $ 1,652
Buildings and personal property 14,516
16,168
Less accumulated depreciation (6,269) 9,899
$12,758
Liabilities and Partners' Capital (Deficit)
Liabilities
Accounts payable and accrued expenses $ 872
Mortgage notes and interest payable 10,270
Partners' Capital (Deficit)
General partners $ (4)
Special limited partners (73)
Limited partners (181,306 units issued
and outstanding) 1,693 1,616
$12,758
</TABLE>
[FN]
See Accompanying Notes to Consolidated Financial Statements
b) CONSOLIDATED CAPITAL PROPERTIES VI
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 803 $ 825 $2,403 $1,903
Interest and dividend income 28 25 104 80
Proportionate income in
affiliated joint venture -- -- -- 21
Total revenues 831 850 2,507 2,004
Expenses:
Property operations 653 507 1,446 1,082
Depreciation 167 160 493 377
Interest 208 243 625 569
Administrative 62 34 580 127
Total expenses 1,090 944 3,144 2,155
Loss from operations (259) (94) (637) (151)
Other income (Note F) -- -- -- 56
Net loss $ (259) $ (94) $ (637) $ (95)
Net loss allocated to general
partners (.2%) $ -- $ -- $ (1) $ --
Net loss allocated to limited
partners (99.8%) (259) (94) (636) $ (95)
$ (259) $ (94) $ (637) $ (95)
Net loss per limited partnership
unit $(1.43) $ (.51) $(3.51) $ (.52)
</TABLE>
[FN]
See Accompanying Notes to Consolidated Financial Statements
c) CONSOLIDATED CAPITAL PROPERTIES VI
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
(Unaudited)
For the Nine Months Ended September 30, 1995
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited Corporate Special
Partnership General Limited Limited
Units Partners Partner Partners Total
<S> <C> <C> <C> <C> <C>
Original capital contributions 181,808 $ 1 $ -- $45,452 $45,453
Partners' capital (deficit)
at December 31, 1994 181,306 $ (2) $ (68) $ 2,598 $ 2,528
Net loss for the nine months
ended September 30, 1995 -- (1) -- (636) (637)
Amortization of timing
difference (Note E) -- -- 6 (6) --
Distributions paid -- (1) (11) (263) (275)
Partners' capital (deficit)
at September 30, 1995 181,306 $ (4) $ (73) $ 1,693 $ 1,616
</TABLE>
[FN]
See Accompanying Notes to Consolidated Financial Statements
d) CONSOLIDATED CAPITAL PROPERTIES VI
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
1995 1994
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (637) $ (95)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization of lease
commissions, discounts, and loan costs 663 535
Proportionate income in affiliated
joint venture -- (21)
Change in accounts:
Prepaid and other assets 16 (229)
Accounts payable and accrued expenses 440 88
Interest payable (9) 5
Net cash provided by operating activities 473 283
Cash flows from investing activities:
Property improvements and replacements (345) (213)
Purchase of securities available for sale (5,713) (1,656)
Proceeds from sale of securities available
for sale 7,519 889
Distribution from investment in affiliated
joint venture -- 60
Deposits to restricted escrows (58) (152)
Purchase of remaining interest in joint venture -- (908)
Cash received in purchase of interest in
affiliated joint venture -- 92
Net cash provided by (used in)
investing activities 1,403 (1,888)
Cash flows from financing activities:
Payments on mortgage notes payable (140) (117)
Partners distributions (275) --
Proceeds from refinancing -- 4,600
Repayment of note payable -- (3,073)
Direct financing costs -- (114)
Net cash (used in) provided by financing
activities (415) 1,296
Net increase (decrease) in cash 1,461 (309)
Cash at beginning of period 414 588
Cash at end of period $ 1,875 $ 279
Supplemental disclosure of cash flow information:
Cash paid for interest $ 464 $ 420
</TABLE>
[FN]
See Accompanying Notes to Consolidated Financial Statements
e) CONSOLIDATED CAPITAL PROPERTIES VI
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and Item 310(b) of
Regulation S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of the General Partner, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the three and nine month
periods ended September 30, 1995, are not necessarily indicative of the results
that may be expected for the fiscal year ending December 31, 1995. For further
information, refer to the financial statements and footnotes thereto included in
the annual report on Form 10-K for the fiscal year ended December 31, 1994, for
Consolidated Capital Properties VI (the "Partnership").
Certain reclassifications have been made to the 1994 information to conform
to the 1995 presentation.
Consolidation
As of January 1, 1994, the Partnership owned a 75% interest in a real estate
joint venture which held title to the Colony of Springdale Apartments. On March
8, 1994, title to the property was transferred to Colony of Springdale
Associates, Ltd. ("Colony Associates"), a limited partnership in which the
Partnership owned a 75% interest. On April 22, 1994, the Partnership purchased
the remaining 25% interest in Colony Associates, (See Note C).
The Partnership's financial statements include the accounts of Colony
Associates, which holds fee title to the Colony of Springdale Apartments. The
results of its operations are included in the Partnership's financial statements
from the date of acquisition of the remaining 25% interest. All intercompany
transactions between the Partnership and Colony Associates have been eliminated.
Cash and Cash Equivalents
Cash and cash equivalents for purposes of reporting cash flows, include cash
on hand, demand deposits, money market funds, and U.S. Treasury Bills with
original maturities of three months or less.
Net Income (Loss) Per Weighted Average Limited Partnership Unit
Net income (loss) per weighted average Limited Partnership Unit is computed
by dividing the net income (loss) allocated to the Limited Partners by the
weighted average number of Units outstanding. Per Unit information has been
computed based on weighted average Units outstanding of 181,306 and 181,309 for
the three and nine months ended September 30, 1995, and 1994, respectively.
Note B - Related Party Transactions
The Partnership has paid the property management fees noted below based upon
collected gross rental revenues ("Rental Revenues") for property management
services in each of the nine month periods ended September 30, 1995, and 1994,
respectively. For the nine months ended September 30, 1994, a portion of such
property management fees equal to 4% of Rental Revenues was paid to the property
management companies performing day-to-day property management services and a
portion equal to 1% of Rental Revenues was paid to Partnership Services, Inc.
("PSI") for advisory services related to day-to-day operations. Coventry
Properties, Inc. ("Coventry") an affiliate of the General Partner provided the
day-to-day property management responsibilities for one of the Partnership's
properties during 1994. In late December 1994, an affiliate of Insignia
Financial Group, Inc. ("Insignia") assumed day-to-day property management
responsibilities for all of the Partnership's properties. Fees paid to Insignia
and affiliates for the nine months ended September 30, 1995, and fees paid to
PSI and Coventry for the nine months ended September 30, 1994, have been
reflected in the following table as compensation to related parties in the
applicable periods:
For the Nine Months Ended
September 30,
1995 1994
(in thousands)
Property management fees $121 $70
Special management fee 24(1) --
(1)
The Limited Partnership Agreement ("Partnership Agreement") provides for
a fee equal to 9% of the total distributions made to the limited
partners to be paid to the General Partner for executive and
administrative management services.
Note B - Related Party Transactions - continued
The Partnership Agreement also provides for reimbursement to the General
Partner and its affiliates for costs incurred in connection with the
administration of Partnership activities. The General Partner and its
affiliates, which includes Coventry for the nine months ended September 30,
1994, received reimbursements as reflected in the following table:
For the Nine Months Ended
September 30,
1995 1994
(in thousands)
Reimbursement for services of affiliates $94 $75
In July 1995, the Partnership began insuring its properties under a master
policy through an agency and insurer unaffiliated with the General Partner. An
affiliate of the General Partner acquired, in the acquisition of a business,
certain financial obligations from an insurance agency which was later acquired
by the agent who placed the current year's master policy. The current agent
assumed the financial obligations to the affiliate of the General Partner, who
receives payment on these obligations from the agent. The amount of the
Partnership's insurance premiums accruing to the benefit of the affiliate of the
General Partner by virtue of the agent's obligations is not significant.
Note C - Purchase of Remaining Interest in Affiliated Joint Venture
As of January 1, 1994, the Partnership owned a 75% interest in a real estate
joint venture which held title to the Colony of Springdale Apartments. The
joint venture's note payable of $3.1 million, which was secured by the property,
was scheduled to mature in March 1995. Preliminary discussions with lenders
indicated that a refinancing would be difficult under the joint venture
ownership structure. In order to facilitate the refinancing, title to the
property was transferred to Colony Associates, a limited partnership in which
the Partnership owned a 75% interest, in March 1994.
In April 1994, the Partnership acquired the remaining 25% interest in Colony
Associates, the limited partnership which holds fee title to the Colony of
Springdale Apartments, in a business combination accounted for as a purchase.
The Colony of Springdale Apartments is a 261-unit apartment complex located in
Springdale, Ohio. The total cost of the acquisition, which was based on the
appraised value of a 25% undivided partial interest in the joint venture,
totaled $908,000. The acquisition price exceeded the current book value of 25%
of the net assets of Colony Associates by $74,000, which was related to land,
buildings and improvements, and is being amortized using the straight-line
method over the estimated remaining useful lives of the assets.
The results of operations of Colony Associates are included in the
accompanying statements of operations from the date of acquisition. The
original 75% investment in Colony Associates was accounted for under the equity
method. Accordingly, the results of operations of Colony Associates prior to
the acquisition are included in "Proportionate income (loss) in affiliated joint
venture" in the accompanying statements of operations.
Note D - Commitment
The Partnership is required to maintain working capital reserves for
contingencies of not less than 5% of Net Invested Capital as defined in the
Partnership Agreement. In the event expenditures are made from these reserves,
operating revenue shall be allocated to such reserves to the extent necessary to
maintain the foregoing level. Reserves, consisting of cash and cash equivalents
and securities available for sale totalling $2,265,000 are less than the reserve
requirement of $2,266,000 at September 30, 1995. The Partnership intends to
replenish the working capital reserve from cash flow from operations. The
working capital requirement must be met prior to any consideration for
distributions to the partners.
Note E - Change in Status of Non-Corporate General Partner
In the year ended December 31, 1991, the Partnership Agreement was amended to
convert the General Partner interests held by the non-corporate General Partner,
Consolidated Capital Group II ("CCG"), to that of a special Limited Partner
("Special Limited Partner"). The Special Limited Partner does not have a vote
and does not have any of the other rights of a Limited Partner except the right
to inspect the Partnership's books and records; however, the Special Limited
Partner will retain the economic interest in the Partnership which it previously
owned as general partner. ConCap Equities, Inc. ("CEI") became the sole general
partner of the Partnership effective December 31, 1991. In connection with
CCG's conversion, a special allocation of gross income was made to the Special
Limited Partner in order to eliminate its tax basis negative capital account.
After the conversion, the various owners of interests in the Special Limited
Partner transferred portions of their interests to CEI so that CEI now holds a
.2% interest in all allocable items of income, loss and distribution. The
difference between the Special Limited Partner's capital accounts for financial
statement and tax reporting purposes is being amortized to the Limited Partners'
capital account as the components of the timing differences which created the
balance reverse.
Note F - Other Income
In 1991, the Partnership (and simultaneously other affiliated partnerships)
entered claims in Southmark's Chapter 11 bankruptcy proceeding. These claims
related to Southmark's activities while it exercised control (directly, or
indirectly through its affiliates) over the Partnership. The Bankruptcy Court
set the Partnership's and the other affiliated partnerships' allowed claim at
$11 million, in the aggregate. In March 1994, the Partnership received 901
shares of Southmark Corporation Redeemable Series A Preferred Stock and 6,589
shares of Southmark Corporation New Common Stock with an aggregate market value
on the date of receipt of approximately $7,000 and approximately $49,000 in cash
representing the Partnership's share of the recovery, based on its pro rata
share of the claims filed.
Note G - Distributions
In March 1995, the General Partner declared and paid distributions,
attributable to cash flow from operations, totalling approximately $263,000 or
$1.45 per Unit to the Limited Partners along with a corresponding General
Partner distribution of approximately $12,000.
Note H - Notes Payable
In April 1994, the General Partner obtained a refinancing of $3.1 million of
mortgage debt secured by the Colony of Springdale Apartments. Under the terms
of the refinancing agreement, the new first-lien mortgage of approximately $4.6
million bears interest at 9.5% and matures in May 2001. After repayment of the
existing debt, payment of refinancing and closing costs, and establishment of a
capital improvement escrow, the Partnership received net proceeds of
approximately $1.2 million.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
The Partnership's investment properties consist of two apartment complexes.
The following table sets forth the average occupancy of the properties for the
nine months ended September 30, 1995 and 1994:
Average
Occupancy
1995 1994
Celina Plaza Apartments
El Paso, Texas 91% 94%
Colony of Springdale Apartments
Springdale, Ohio 90% 96%
The decrease in occupancy at the Celina Plaza Apartments is due to the
decline in the El Paso market resulting from military spending cuts. In
December of 1994, the managing agent evaluated the tenant base at the Colony of
Springdale Apartments and identified several tenants with large delinquent
balances. In an effort to improve the tenant base, the tenants who would not
pay their outstanding balances were evicted, thereby decreasing the property's
occupancy level. This occupancy decrease is expected to be short term as
capital improvements are budgeted for the fourth quarter of 1995 which is
expected to increase the curb appeal of the property thereby enhancing the
property's ability to attract higher quality tenants.
The Partnership realized a net loss from operations of $637,000 for the nine
months ended September 30, 1995, compared to a net loss from operations of
$151,000 for the nine months ended September 30, 1994. For the three months
ended September 30, 1995, the Partnership realized a net loss from operations of
$259,000 compared to a net loss from operations of $94,000 for the three months
ended September 30, 1994.
Rental income, property operations expense, interest expense and depreciation
expense increased for the nine months ended September 30, 1995, primarily due to
the purchase of the remaining 25% of the Colony of Springdale Apartments in
April of 1994 (See Note C of the Notes to Consolidated Financial Statements in
Item 1). Interest expense for the nine months ended September 30, 1995, was
also increased by the refinancing of the debt on the Colony of Springdale
Apartments in April of 1994 with an interest rate of 9.5% compared to the 8.5%
rate that was in effect in the first quarter of 1994. This increase in interest
expense for the nine months ended September 30, 1995, was partially offset by a
decrease in interest paid on the debt at the Celina Plaza Apartments for the
nine months ended September 30, 1995. Under the terms of the Celina Plaza loan,
the Partnership is obligated to remit a portion of the property's cash flow to
the lien-holder as additional interest. Due to the property's need for capital
improvements, no additional interest expense was incurred for the three and nine
months ended September 30, 1995, as opposed to additional interest expense of
$33,000 and $81,000 for the three and nine months ended September 30, 1994.
Administrative expenses increased primarily due to approximately $354,000 in
legal costs associated with the Partnership's required responses to various
tender offers and other litigation (See Part II - Item 1. Legal Proceedings for
further discussion). The increase was also affected by the special management
fee of approximately $24,000 in relation to the distribution made to the Limited
Partners in March of 1995 (See Note G in the Notes to Consolidated Financial
Statements in Item 1) and increased expense reimbursements related to the
combined efforts of the Dallas and Greenville partnership administration staffs
during the management transition period in the first and second quarters of
1995. The reimbursements for the Dallas office amounted to $53,000 for the nine
months ended September 30, 1995.
The increased costs related to the transition efforts were incurred to
minimize any disruption in the year-end reporting function including the
financial reporting and K-1 preparation and distribution. The General Partner
expects recurring administrative expenses to be reduced now that the management
transition is completed.
The Partnership's proportionate income in the affiliated joint venture
decreased due to the purchase of the Colony of Springdale Apartments in April of
1994. (See Note C in the Notes to Consolidated Financial Statements in Item
1). Other income realized in the nine months ended September 30, 1994, is due
to the receipt of the Partnership's pro rata share of the claims filed in
Southmark's Chapter 11 bankruptcy proceeding (See Note F in the Notes to
Consolidated Financial Statements in Item 1).
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of each of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses. As part of
this plan, the General Partner attempts to protect the Partnership from the
burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level. However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
General Partner will be able to sustain such a plan.
As of September 30, 1995, the Partnership had cash of $1,875,000 as compared
to $279,000 at September 30, 1994. Net cash provided by operating activities
increased primarily due to an increase in accounts payable and accrued
expenses. Net cash provided by investing activities increased primarily due to
the nonrecurring purchase of the remaining 25% interest in the Colony of
Springdale Apartments impacting 1994 cash flows. The increase in cash provided
by investing activities was also affected by the increase in proceeds from the
sale of securities available for sale and the decrease in deposits to
restricted escrows, which was offset by the increase in property improvements
in 1995. Net cash used in financing activities increased due to increased
distributions to partners and the absence of any refinancing activity in 1995.
The sufficiency of existing liquid assets to meet future liquidity and
capital expenditure requirements is directly related to the level of capital
expenditures required at the property to adequately maintain the physical assets
and meet other operating needs of the Partnership. Such assets are currently
thought to be sufficient for any near-term needs of the Partnership. The
mortgage indebtedness of approximately $10.1 million, net of discounts, matures
at various times with balloon payments due at maturity, at which time the
properties will either be refinanced or sold. Future cash distributions will
depend on the levels of net cash generated from operations, capital expenditure
requirements, property sales and the availability of cash reserves. During the
first nine months of 1995, distributions of $275,000 were declared and paid. No
cash distributions were made in 1994.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In November 1994, Robert L. Lewis filed a class action in the Northern
District of California against ConCap Equities, Inc., LP 6 Acceptance
Corporation ("LP 6") and one other party, seeking injunctive and declaratory
relief, but not monetary damages, alleging, among other things, that a tender
offer by LP 6 for limited partnership units of the Partnership violated federal
securities laws and the partnership agreement and breached the general partner's
fiduciary duties. That tender offer closed and LP 6 purchased the tendered
units without Lewis having brought a motion of preliminary injunctive relief.
Insignia thereafter acquired LP 6 together with all of the tendered units
purchased by it. Plaintiff Lewis filed a Stipulation for Dismissal of Case
Without Prejudice in June of 1995 which requested the Court to dismiss the above
action without prejudice and without costs to any party. The Court approved the
stipulation on July 21, 1995.
In November 1994, Mr. C.E. Patterson and his wife, Berniece Patterson, each
of whom is a limited partner in two other affiliated partnerships (Consolidated
Capital Properties III ("CCP III") and Consolidated Capital Properties IV ("CCP
IV")), filed actions in the United States District Court for the Northern
District of California seeking declaratory and injunctive relief, but not
monetary damages, alleging, among other things, that a tender offer by LP 4
Acceptance Corporation for limited partnership units of CCP III and a tender
offer by LP 5 Acceptance Corporation for limited partnership units of CCP IV
violated the federal securities laws and the partnership agreements and breached
the general partner's fiduciary duties. The complaints named ConCap Equities,
Inc., the general partner of the Partnership and the affiliated partnerships,
and others as defendants. These actions were filed by the Pattersons as
individuals and are not class actions. In December 1994, the complaints in
these actions were amended to include Insignia, MAE and MAE-ICC, Inc. and others
as defendants in connection with a tender offer commenced in December 1994 by
Insignia CCP III Acquisition, L.L.C. for limited partnership units of CCP III
and a tender offer commenced in December 1994 by Insignia CCP IV Acquisition,
L.L.C. for limited partnership units of CCP IV. On January 20, 1995, the
District Court denied Plaintiffs' motion for a preliminary injunction to enjoin
each of the tender offers. The tender offers closed on January 20, 1995, and
the offeror purchased the tendered units.
On March 31, 1995, the parties to the above referenced actions entered into a
settlement agreement and a standstill agreement for all actions pursuant to
which (i) Plaintiffs filed a notice of dismissal with respect to the first
amended complaints in the actions; (ii) Plaintiffs and defendants released each
other from all claims which were or could have been asserted in connection with
the first amended complaints in the actions; (iii) Plaintiffs and MacKenzie
Patterson, Inc. ("MacKenzie") will refrain from certain activities relating to
the acquisition of limited partnership interests in any partnership of which
Insignia or any of its affiliates is a general partner; (iv) Plaintiffs and
their affiliates granted to a subsidiary of Insignia a right of first refusal in
connection with the sale of limited partnership interests in the Partnership by
the Plaintiffs; and (v) Plaintiffs and their affiliates will assign to a
subsidiary of Insignia irrevocable proxies to vote any limited partnership
interests in the Partnership acquired by MacKenzie as a result of the tender
offer by MacKenzie and affiliates to acquire limited partnership interests in
the Partnership or thereafter.
On December 2, 1994, an unsolicited tender offer for up to 20,000 units of
the Partnership was filed with the Securities Exchange Commission ("SEC") by
MacKenzie and other affiliates of MacKenzie. The offer was subsequently amended
four times in January and February 1995.
On January 31, 1995, the General Partner, acting on behalf of the
Partnership, commenced an action against MacKenzie in the United States District
Court for the Southern District of New York. The complaint alleged that false
and misleading statements in and omissions from the amended MacKenzie Offer
Materials violated federal securities laws. In response to the complaint,
MacKenzie filed amendments 3 and 4 with the SEC. The General Partner, acting on
behalf of the Partnership, amended its complaint, alleging that the supplemental
offer material contained new misstatements and did not cure the false and
misleading statements in and the omissions from the amended MacKenzie Offer
Materials. The Partnership sought relief from MacKenzie's actions in the form
of an injunction against the amended MacKenzie offer, and a judgement declaring
that the untrue statements in and the omissions from the Amended MacKenzie Offer
constituted violations of federal securities laws. On March 31, 1995, the
parties to the above-referenced action entered into the settlement agreement
noted above settling the action.
The Partnership is not a party to, nor is any of the Partnership's property
the subject of, any material pending legal proceedings, other than ordinary
litigation routine to the Partnership's business as of September 30, 1995.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
(b) Reports on Form 8-K.
None.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CONSOLIDATED CAPITAL PROPERTIES VI
By: CONCAP EQUITIES, INC.
General Partner
By: /s/ Carroll D. Vinson
Carroll D. Vinson
President
By: /s/ Robert D. Long, Jr.
Robert D. Long, Jr.
Controller and Principal
Accounting Officer
Date: November 9, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This scheduel contains summary financial information extraced from Consolidated
Capital Properties VI 1995 Third Quarter 10-QSB and is qualified in its entirety
by reference to such 10-QSB.
</LEGEND>
<CIK> 0000755908
<NAME> CONSOLIDATED CAPITAL PROPERTIS VI
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 1,875
<SECURITIES> 390
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 16,168
<DEPRECIATION> 6,269
<TOTAL-ASSETS> 12,758
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 10,270
<COMMON> 0
0
0
<OTHER-SE> 1,616
<TOTAL-LIABILITY-AND-EQUITY> 12,758
<SALES> 0
<TOTAL-REVENUES> 2,507
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,144
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 625
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (637)
<EPS-PRIMARY> (3.51)
<EPS-DILUTED> 0
<FN>
<F1>
The Partnership has an unclassified balance sheet.
</FN>
</TABLE>
