FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
QUARTERLY OR TRANSITIONAL REPORT
U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1998
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from_________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 (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
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 unit data)
September 30, 1998
Assets
Cash and cash equivalents $ 1,938
Receivables and deposits 140
Restricted escrows 45
Other assets 87
Investment property:
Land $ 916
Buildings and related personal property 9,083
9,999
Less accumulated depreciation (3,895) 6,104
$ 8,314
Liabilities and Partners' Capital (Deficit)
Liabilities:
Accounts payable $ 24
Tenant security deposit liabilities 65
Accrued property taxes 92
Other liabilities 76
Mortgage note payable 4,358
Partners' Capital (Deficit):
General partner's $ 1
Special limited partners' (46)
Limited partners' (181,300 units issued
and outstanding) 3,744 3,699
$ 8,314
See Accompanying Notes to Consolidated Financial Statements
b)
CONSOLIDATED CAPITAL PROPERTIES VI
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended Nine Months Ended
September 30, September 30,
1998 1997 1998 1997
Revenues:
Rental income $ 407 $ 683 $1,185 $2,090
Other income 47 46 156 188
Total revenues 454 729 1,341 2,278
Expenses:
Operating 243 422 667 1,083
General and administrative 33 42 101 122
Depreciation 92 187 266 552
Interest 108 137 328 623
Property taxes 33 74 89 220
Total expenses 509 862 1,451 2,600
Net loss $ (55) $ (133) $ (110) $ (322)
Net loss allocated to
general partner (.2%) $ -- $ -- $ -- $ (1)
Net loss allocated to limited
partners (99.8%) (55) (133) (110) (321)
$ (55) $ (133) $ (110) $ (322)
Net loss per limited
partnership unit $ (.30) $ (.73) $ (.61) $(1.77)
Distribution per limited
partnership unit $ -- $ -- $ 2.76 $ --
See Accompanying Notes to Consolidated Financial Statements
c)
CONSOLIDATED CAPITAL PROPERTIES VI
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited Special
Partnership General Limited Limited
Units Partner Partners Partners Total
<S> <C> <C> <C> <C> <C>
Original capital contributions 181,808 $ 1 $ -- $45,452 $45,453
Partners' capital (deficit)
at December 31, 1997 181,300 $ 1 $ (52) $ 4,360 $ 4,309
Amortization of timing
difference -- -- 6 (6) --
Distribution paid to partners -- -- -- (500) (500)
Net loss for the nine months
ended September 30, 1998 -- -- -- (110) (110)
Partners' capital (deficit)
at September 30, 1998 181,300 $ 1 $ (46) $ 3,744 $ 3,699
<FN>
See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>
d)
CONSOLIDATED CAPITAL PROPERTIES VI
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Nine Months Ended
September 30,
1998 1997
Cash flows from operating activities:
Net loss $ (110) $ (322)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation 266 552
Amortization of loan costs and discounts 19 120
Loss on disposal of property 20 --
Changes in accounts:
Receivables and deposits 209 (69)
Other assets (1) (18)
Accounts payable (36) (93)
Tenant security deposit liabilities 10 (10)
Accrued property taxes (26) 108
Other liabilities 5 (19)
Net cash provided by operating activities 356 249
Cash flows from investing activities:
Property improvements and replacements (165) (112)
Proceeds from sale of investments 302 --
Dividends received from investments -- 3
Net withdrawals from (deposits to) restricted escrows 45 (68)
Net cash provided by (used in)
investing activities 182 (177)
Cash flows from financing activities:
Payments on mortgage notes payable (49) (340)
Distribution paid to limited partners (500) --
Net cash used in financing activities (549) (340)
Net decrease in cash and cash equivalents (11) (268)
Cash and cash equivalents at beginning of period 1,949 1,478
Cash and cash equivalents at end of period $1,938 $1,210
Supplemental disclosure of cash flow information:
Cash paid for interest $ 306 $ 531
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 consolidated financial statements of Consolidated
Capital Properties VI (the "Partnership") 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 ConCap Equities, Inc. ("CEI" or 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, 1998, are not necessarily indicative of the
results that may be expected for the fiscal year ending December 31, 1998. For
further information, refer to the consolidated financial statements and
footnotes thereto included in the Partnership's annual report on Form 10-KSB for
the fiscal year ended December 31, 1997.
Certain reclassifications have been made to the 1997 balances to conform to the
1998 presentation.
NOTE B - RELATED PARTY TRANSACTIONS
The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all partnership activities.
The Partnership Agreement provides for certain payments to affiliates for
services and the reimbursement of certain expenses incurred by affiliates on
behalf of the Partnership.
The following expenses were paid or accrued to the General Partner and its
affiliates for the nine months ended September 30, 1998 and 1997:
1998 1997
(in thousands)
Property management fees
(included in operating expenses) $ 63 $118
Reimbursements for services of affiliates, including
approximately $1,000 in construction services
reimbursements in both 1998 and 1997
(included in investment property and operating
and general and administrative expenses ) 48 78
The Partnership Agreement also provides for a special management fee equal to 9%
of the total distributions from operations made to the Limited Partners to be
paid to the General Partner for executive and administrative management
services. No such fees were paid or accrued in 1998 or 1997.
For the period from January 1, 1997 to August 31, 1997, the Partnership insured
its properties under a master policy through an agency affiliated with the
General Partner but with an 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 master policy. The agent assumed the financial
obligations to the affiliate of the General Partner, which received payments on
these obligations from the agent. The amount of the Partnership's insurance
premiums that accrued to the benefit of the affiliate of the General Partner by
virtue of the agent's obligations was not significant.
NOTE C - 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. Cash and cash equivalents, tenant security
deposits and investments, totaling approximately $2,121,000 exceed the reserve
requirement of approximately $2,070,000 at September 30, 1998.
NOTE D - CHANGE IN STATUS OF NON-CORPORATE GENERAL PARTNER
During 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 special limited
partners ("Special Limited Partners"). The Special Limited Partners do not have
a vote and do 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 Partners retained the economic interest in the Partnership which they
previously owned as general partner.
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 Partners in order to eliminate its tax basis
negative capital account.
After the conversion, the various Special Limited Partners 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 differences between the Special
Limited Partners' capital accounts for financial statement and tax reporting
purposes are being amortized to the Limited Partners' capital accounts as the
components of the timing differences which created the balance reverse.
NOTE E - DISTRIBUTIONS
In the first quarter of 1998, the Partnership declared and paid a cash
distribution to the limited partners in the amount of $500,000 ($2.76 per
limited partnership unit). The distribution was from surplus funds from the sale
of Celina Plaza in October 1997. No distributions were paid in 1997.
NOTE F - TRANSFER OF CONTROL; SUBSEQUENT EVENT
On October 1, 1998, Insignia Financial Group, Inc. completed its merger with
and into Apartment Investment and Management Company ("AIMCO"), a publicly
traded real estate investment trust, with AIMCO being the surviving corporation
(the "Insignia Merger"). As a result of the Insignia Merger, AIMCO acquired
control of the General Partner. In addition, AIMCO also acquired approximately
51% of the outstanding common shares of beneficial interest of Insignia
Properties Trust ("IPT"), the sole shareholder of the General Partner. Also,
effective October 1, 1998, IPT and AIMCO entered into an Agreement and plan of
Merger pursuant to which IPT is to be merged with and into AIMCO or a
subsidiary of AIMCO (the "IPT Merger"). The IPT Merger requires the approval of
the holders of a majority of the outstanding IPT Shares. AIMCO has agreed to
vote all of the IPT Shares owned by it in favor of the IPT Merger and has
granted an irrevocable limited proxy to unaffiliated representatives of IPT
to vote the IPT Shares acquired by AIMCO and its subsidiaries in favor of the
IPT Merger. As a result of AIMCO's ownership and its agreement, the vote of
no other holder of IPT is required to approve the merger. The General
Partner does not believe that this transaction will have a material effect on
the affairs and operations of the Partnership.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The Partnership's investment property consists of one apartment complex, Colony
of Springdale Apartments, located in Springdale, Ohio. The average occupancy for
the nine month periods ended September 30, 1998 and 1997, was 93% and 89%,
respectively. The Partnership attributes the improvement in occupancy to the
improved curbside appeal of the property.
The Partnership realized net losses of approximately $110,000 and $322,000 for
the nine month periods ended September 30, 1998 and 1997, respectively. The
Partnership realized net losses of approximately $55,000 and $133,000 for the
three months ended September 30, 1998 and 1997, respectively. The decrease in
net loss is primarily attributable to the improvement in operations arising
since the sale of Celina Plaza in the third quarter of 1997. Celina Plaza
incurred net losses of approximately $25,000 and $156,000 for the three and nine
month periods ended September 30, 1997, respectively. Contributing to the
decrease in net loss was a decrease in general and administrative costs. The
decline in general and administrative costs is due to a decrease in
reimbursements to the General Partner in 1998 due to the sale of Celina Plaza in
the third quarter of 1997. The Partnership realized a net loss from its
remaining property of approximately $72,000 for the nine month period ended
September 30, 1998, and $85,000 for the nine month period ended September 30,
1997. This decrease in net loss at the remaining property is primarily due to
the increase in rental income. The increase in rental income resulted from an
increase in occupancy, as noted above. Additionally, due to stricter tenant
qualification procedures at its remaining investment property, instituted in
1997, bad debt expense also declined. Partially offsetting these increases was
an increase in maintenance expense resulting from major landscaping and exterior
building improvements.
Included in operating expenses for the Partnership's remaining property for the
nine months ended September 30, 1998, is approximately $39,000 of major repairs
and maintenance comprised primarily of major landscaping and exterior building
improvements. The amount of major repairs and maintenance included in operating
expenses for the Partnership's remaining property for the nine months ended
September 30, 1997, was not significant.
On October 20, 1997, the Partnership sold Celina Plaza Apartments, located in El
Paso, Texas, to an unaffiliated third party. The sales price of the property
was $6,600,000 and the sale resulted in net proceeds of approximately
$6,456,000, after payment of closing costs. The net proceeds were used to pay
accrued taxes and to pay-off the mortgage debt secured by this property. Excess
proceeds after such payments amounted to approximately $779,000 to the
Partnership.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of its investment property 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.
At September 30, 1998, the Partnership had cash and cash equivalents of
approximately $1,938,000 as compared to approximately $1,210,000 at September
30, 1997. The net decrease in cash and cash equivalents for the nine month
periods ended September 30, 1998 and 1997, were approximately $11,000 and
$268,000, respectively. Net cash provided by operating activities increased
primarily due to an increase in cash provided by receivables and deposits as a
result of the return of funds held in escrow for taxes on Celina Plaza. The
change is partially offset by a decrease in accrued property taxes as the result
of the sale of Celina Plaza in October 1997. Net cash provided by investing
activities increased due to the sale of the Partnership's investment in Treasury
bills. Additionally contributing to the increase in cash provided by investing
activities was an increase in cash withdrawals from restricted escrows. The
increase in cash provided by investing activities was partially offset by an
increase in property improvements and replacement expenditures at Colony of
Springdale. Net cash used in financing activities increased due to the
distribution of $500,000 from the proceeds of the sale of Celina Plaza during
the first quarter of 1998.
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 other operating needs of the Partnership and to comply with Federal, state
and local legal and regulatory requirements. Such assets are currently thought
to be sufficient for any near-term needs of the Partnership. The General
Partner is currently assessing the need for capital improvements at the
Partnership's remaining property. To the extent that additional capital
improvements are required, the Partnership's distributable cash flow, if any,
may be adversely affected, at least in the short term. The mortgage
indebtedness of approximately $4,358,000 has a maturity date of May 2001. The
General Partner will attempt to refinance such indebtedness or sell the property
prior to such maturity date. If the property cannot be refinanced or sold for a
sufficient amount, the Partnership will risk losing its property through
foreclosure. In the first quarter of 1998, the Partnership declared and paid a
cash distribution to the limited partners in the amount of $500,000 ($2.76 per
limited partnership unit). The distribution was from surplus funds from the
sale of Celina Plaza. There were no distributions made during the nine months
ended September 30, 1997. Future cash distributions will depend on the levels
on net cash generated from operations, refinancings, property sales and the
availability of cash reserves. The Partnership's distribution policy will be
reviewed on a quarterly basis. There can be no assurance, however, that the
Partnership will generate sufficient funds from operations to permit
distributions to its partners in 1998 or subsequent periods.
Transfer of Control; Subsequent Event
On October 1, 1998, Insignia Financial Group, Inc. completed its merger with and
into Apartment Investment and Management Company ("AIMCO"), a publicly traded
real estate investment trust, with AIMCO being the surviving corporation (the
"Insignia Merger"). As a result of the Insignia Merger, AIMCO acquired control
of the General Partner. In addition, AIMCO also acquired approximately 51% of
the outstanding common shares of beneficial interest of Insignia Properties
Trust ("IPT"), the sole shareholder of the General Partner. Also, effective
October 1, 1998, IPT and AIMCO entered into an Agreement and plan of Merger
pursuant to which IPT is to be merged with and into AIMCO or a subsidiary of
AIMCO (the "IPT Merger"). The IPT Merger requires the approval of the holders
of a majority of the outstanding IPT Shares. AIMCO has agreed to vote all of
the IPT Shares owned by it in favor of the IPT Merger and has granted an
irrevocable limited proxy to unaffiliated representatives of IPT to vote the
IPT Shares acquired by AIMCO and its subsidiaries in favor of the IPT
Merger. As a result of AIMCO's ownership and its agreement, the vote of no
other holder of IPT is required to approve the merger. The General Partner
does not believe that this transaction will have a material effect on the
affairs and operations of the Partnership.
Year 2000
GENERAL DESCRIPTION OF THE YEAR 2000 ISSUE AND THE NATURE AND EFFECTS OF THE
YEAR 2000 ON INFORMATION TECHNOLOGY (IT) AND NON-IT SYSTEMS
The Year 2000 Issue is the result of computer programs being written using two
digits rather than four to define the applicable year. The Partnership is
dependent upon the General Partner and its affiliates for management and
administrative services ("Managing Agent"). Any computer programs or hardware
that have date-sensitive software or embedded chips may recognize a date using
"00" as the year 1900 rather than the year 2000. This could result in a system
failure or miscalculations causing disruptions of operations, including, among
other things, a temporary inability to process transactions, send invoices, or
engage in similar normal business activities.
The Managing Agent has determined that it will be required to modify or replace
significant portions of its software and certain hardware so that those systems
will properly utilize dates beyond December 31, 1999. The Managing Agent
presently believes that with modifications or replacements of existing software
and certain hardware, the Year 2000 Issue can be mitigated. However, if such
modifications and replacements are not made, or are not completed timely, the
Year 2000 Issue could have a material impact on the operations of the Managing
Agent and the Partnership.
STATUS OF PROGRESS IN BECOMING YEAR 2000 COMPLIANT
The Managing Agent's plan to resolve the Year 2000 Issue involves the following
four phases: assessment, remediation, testing and implementation. To date, the
Managing Agent has fully completed its assessment of all information systems
that could be significantly affected by the Year 2000, and has begun the
remediation, testing and implementation phase on both hardware and software
systems. Assessments are continuing in regards to embedded systems in operating
equipment. The Managing Agent anticipates having all phases complete by June 1,
1999.
In addition to the areas the Partnership is relying on the Managing Agent to
verify compliance with, the Partnership has certain operating equipment,
primarily at the property sites, which needed to be evaluated for Year 2000
compliance. The focus of the General Partner was to the security systems,
elevators, heating-ventilation-air-conditioning systems, telephone systems and
switches, and sprinkler systems. The General Partner is currently engaged in the
identification of all non-compliant operational systems, and is in the process
of estimating the costs associated with any potential modifications or
replacements needed to such systems in order for them to be Year 2000 compliant.
It is not expected that such costs would have a material adverse affect upon
the operations of the Partnership.
RISK ASSOCIATED WITH THE YEAR 2000
The General Partner believes that the Managing Agent has an effective program in
place to resolve the Year 2000 issue in a timely manner and has appropriate
contingency plans in place for critical applications that could affect the
Partnership's operations. To date, the General Partner is not aware of any
external agent with a Year 2000 issue that would materially impact the
Partnership's results of operations, liquidity or capital resources. However,
the General Partner has no means of ensuring that external agents will be Year
2000 compliant. The General Partner does not believe that the inability of
external agents to complete their Year 2000 resolution process in a timely
manner will have a material impact on the financial position or results of
operations of the Partnership. However, the effect of non-compliance by
external agents is not readily determinable.
Other
Certain items discussed in this quarterly report may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 (the "Reform Act") and as such may involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Partnership to be materially different from any future
results, performance or achievements expressed or implied by such forward-
looking statements. Such forward-looking statements speak only as of the date
of this quarterly report. The Partnership expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Partnership's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuances, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the General Partner and several of their affiliated
partnerships and corporate entities. The complaint purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia and entities which were, at
the time, affiliates of Insignia ("Insignia Affiliates") of interests in certain
general partner entities, past tender offers by Insignia Affiliates as well as a
recently announced agreement between Insignia and AIMCO. The complaint seeks
monetary damages and equitable relief, including judicial dissolution of the
Partnership. On June 25, 1998, the General Partner filed a motion seeking
dismissal of the action. In lieu of responding to the motion, the plaintiffs
have filed an amended complaint. The General Partner has filed demurrers to the
amended complaint which are scheduled to be heard on January 8, 1999. The
General Partner believes the action to be without merit, and intends to
vigorously defend it.
In May 1998, the Partnership and its General Partner were named as respondents
in a Petition in Los Angeles Superior Court. The petition, brought by a limited
partner of the Partnership, seeks performance by the General Partner of certain
alleged contractual obligations under the Partnership Agreement and compliance
with certain alleged statutory requirements. In July 1998, a settlement was
reached and the petition dismissed.
On July 30, 1998, certain entities claiming to own limited partnership
interests in certain limited partnerships whose general partners were, at the
time, affiliates of Insignia filed a complaint entitled Everest Properties,
LLC, et. al. v. Insignia Financial Group, Inc., et. al. in the Superior Court
of the State of California, County of Los Angeles. The action involves 44 real
estate limited partnerships (including the Partnership) in which the plaintiffs
allegedly own interests and which Insignia Affiliates allegedly manage or
control (the "Subject Partnerships"). The complaint names as defendants
Insignia, several Insignia Affiliates alleged to be managing partners of the
subject Partnerships, the Partnership and the General Partner. Plaintiffs
allege that they have requested from, but have been denied by each of the
Subject Partnerships, lists of their respective limited partners for the
purpose of making tender offers to purchase up to 4.9% of the limited partner
units of each of the Subject Partnerships. The complaint also alleges that
certain of the defendants made tender offers to purchase limited partner units
in many of the Subject Partnerships, with the alleged result that plaintiffs
have been deprived of the benefits they would have realized from ownership of
the additional units. The plaintiffs assert eleven causes of action, including
breach of contract, unfair business practices, and violations of the
partnership statutes of the states in which the Subject Partnerships are
organized. Plaintiffs seek compensatory, punitive and treble damages. The
General Partner filed an answer to the complaint on September 15, 1998. The
General Partner believes the claims to be without merit and intends to defend
the action vigorously.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature. The General Partner believes that all such pending
or outstanding litigation will be resolved without a material adverse effect
upon the business, financial condition or operations of the Partnership.
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 filed during the quarter ended September 30, 1998.
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/Patrick Foye
Patrick Foye
Executive Vice President
By: /s/Timothy R. Garrick
Timothy R. Garrick
Vice President - Accounting
(Duly Authorized Officer)
Date: November 12, 1998
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
Consolidated Capital Properties VI 1998 Third Quarter 10-QSB and is
qualified in its entirety by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000755908
<NAME> CONSOLIDATED CAPITAL PROPERTIES VI
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 1,938
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 9,999
<DEPRECIATION> 3,895
<TOTAL-ASSETS> 8,314
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 4,358
0
0
<COMMON> 0
<OTHER-SE> 3,699
<TOTAL-LIABILITY-AND-EQUITY> 8,314
<SALES> 0
<TOTAL-REVENUES> 1,341
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,123
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 328
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (110)
<EPS-PRIMARY> (0.61)<F2>
<EPS-DILUTED> 0
<FN>
<F1>Registrant has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>
</TABLE>
