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 May 10, 1996
GRIFFIN REAL ESTATE FUND-VI, A LIMITED PARTNERSHIP
MINNESOTA
Commission file number 33-1629
IRS Employer Identification No. 41-1545501
510 Marquette Avenue, Suite 300, Minneapolis, MN 55402
Registrant's telephone number: (612) 338-2828
Item 2. Acquisition or disposition of assets.
DISPOSITION OF CARRIAGE HOUSE APARTMENTS
2260 UNIVERSITY BOULEVARD NORTH, JACKSONVILLE, FLORIDA
On May 10, 1996, Carriage House Apartments located at 2260 University Boulevard
North, Jacksonville, Florida, was sold to Carriage House, Limited Partnership.
Description of Property
Carriage House Apartments is a 164 unit apartment complex located at 2260
University Boulevard North, Jacksonville, Florida. The property was originally
acquired by Griffin Real Estate Fund VI on December 29, 1987 for $3,525,000. A
downpayment of $1,000,000 was made with the balance of $2,525,000 financed by a
first mortgage loan.
Sale of Property
The sales price of $3,005,300 cash only was arrived at through negotiations with
the buyer who had no material relationship to Griffin Real Estate Fund-VI, to
any affiliates of Griffin Real Estate Fund-VI, to its General Partners, or to
any associates of its General Partners. With the sale of the property, the
associated mortgage principal balance of $2,363,147 and accrued interest of
$26,244 were extinguished.
Item 7. Financial Statements and Exhibits
The following documents are filed as part of this report:
Proforma financial information.
GRIFFIN REAL ESTATE FUND-VI,
A LIMITED PARTNERSHIP
BALANCE SHEETS
DECEMBER 31, 1995
<TABLE>
<CAPTION>
* After
Disposition
1995 Adjustment Proforma
----------- ----------- -----------
<S> <C> <C> <C>
Cash and cash equivalents $ 135,745 $ 345,690 $ 481,435
Real estate tax escrow deposits 68,649 (57,301) 11,348
Receivables and other assets 10,772 (9,350) 1,422
----------- ----------- -----------
Total 215,166 279,039 494,205
----------- ----------- -----------
PROPERTY AND EQUIPMENT:
Land 1,085,776 (412,776) 673,000
Buildings and improvements 6,443,789 (3,269,302) 3,174,487
Furniture and equipment 242,362 (242,362) --
Less valuation allowance (470,000) -- (470,000)
----------- ----------- -----------
Total 7,301,927 (3,924,440) 3,377,487
Less accumulated depreciation 1,919,664 (1,169,066) 750,598
----------- ----------- -----------
Property and equipment - net 5,382,263 (2,755,374) 2,626,889
----------- ----------- -----------
Deferred expenses (less accumulated
amortization -$22,547) 43,607 -- 43,607
----------- ----------- -----------
TOTAL ASSETS $ 5,641,036 $(2,476,335) $ 3,164,701
=========== =========== ===========
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES:
Accounts payable:
Affiliate $ 11,818 $ (4,864) $ 6,954
Other 14,385 (7,984) 6,401
Security deposits 51,567 (19,346) 32,221
Accrued interest 32,971 (20,286) 12,685
Mortgage notes payable 4,172,438 (2,372,756) 1,799,682
----------- ----------- -----------
Total liabilities $ 4,283,179 ($2,425,236) $ 1,857,943
----------- ----------- -----------
PARTNERS' EQUITY (DEFICIT):
General Partner (100,118) (2,555) (102,673)
Limited Partners 1,457,975 (48,544) 1,409,431
----------- ----------- -----------
Total Partners' Equity (Deficit) 1,357,857 (51,099) 1,306,758
----------- ----------- -----------
TOTAL LIABILITIES AND PARTNERS'
EQUITY (DEFICIT) $ 5,641,036 $(2,476,335) $ 3,164,701
=========== =========== ===========
</TABLE>
* The after disposition proforma represents the historcial operations of the
Partnership which does not include assets or liabilities relating to the
disposed property.
GRIFFIN REAL ESTATE FUND-VI,
A LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
*After Disposition
REVENUES: 1995 Adjustments Proforma
- --------- ----------- ----------- -----------
<S> <C> <C> <C>
Rent (less apartment vacancies:
1995, $92,041) $ 1,134,321 $ (768,923) $ 365,398
Common Area maintenance
reimbursement 220,087 -- 220,087
Interest 4,401 (1,246) 3,155
Other 34,669 (34,259) 410
----------- ----------- -----------
Total revenues 1,393,478 (804,428) 589,050
----------- ----------- -----------
EXPENSES:
Interest 402,217 (245,180) 157,037
Depreciation and amortization 231,729 (120,119) 111,610
Property valuation provision (benefit) (75,000) -- (75,000)
Real Estate Taxes 198,286 (55,053) 143,233
Repairs and maintenance 179,392 (96,944) 82,448
Utilities 77,295 (59,882) 17,413
Salaries and employee benefits 126,596 (126,596) --
Management fees to related parties 70,508 (40,124) 30,384
Administrative 89,924 (23,801) 66,123
Insurance 27,968 (23,409) 4,559
Bad Debt 24,588 (3,052) 21.536
Other 11,150 (11,150) --
----------- ----------- -----------
Total Expenses 1,364,653 (805,310) 559,343
----------- ----------- -----------
NET INCOME $ 28,825 $ 882 $ 29,707
=========== =========== ===========
NET INCOME ALLOCATED TO
GENERAL PARTNER $ 288 $ 9 $ 297
=========== =========== ===========
NET INCOME ALLOCATED TO
LIMITED PARTNERS $ 28,537 $ 873 $ 29,410
=========== =========== ===========
PER UNIT:
NET INCOME $ 1.50 $ .04 $ 1.54
=========== =========== ===========
</TABLE>
* The after disposition proforma represents the historical operations of the
Partnership which does not include operating income or expenses relating to the
disposed property, or the gain or loss on disposal.
GRIFFIN REAL ESTATE FUND-VI,
A LIMITED PARTNERSHIP
CONDENSED BALANCE SHEETS
(unaudited)
*After
Disposition
ASSETS: March 31, 1996 Adjustments Proforma
- ------ ----------- ----------- -----------
Cash and cash equivalents $ 182,306 $ 348,886 $ 531,192
Receivables and other assets 116,806 (67,565) 49,241
----------- ----------- -----------
Total 299,112 281,321 580,433
----------- ----------- -----------
PROPERTY:
Land 1,085,776 (412,776) 673,000
Buildings and Improvements 6,443,789 (3,269,302) 3,174,487
Furniture and Equipment 242,362 (242,362) --
Less valuation allowance (470,000) -- (470,000)
----------- ----------- -----------
Total 7,301,927 (3,924,440) 3,377,487
Less accumulated depreciation 1,974,656 (1,198,941) 775,715
----------- ----------- -----------
Property - net 5,327,271 (2,725,499) 2,601,772
----------- ----------- -----------
TOTAL ASSETS $ 5,626,383 $(2,444,178) $ 3,182,205
=========== =========== ===========
LIABILITIES AND PARTNERSHIP EQUITY
LIABILITIES:
Accounts payable and accrued
liabilities $ 58,816 $ (39,824) $ 18,992
Security Deposit 54,888 (17,522) 37,366
Mortgage notes payable 4,156,609 (2,365,607) 1,791,002
----------- ----------- -----------
Total liabilities 4,270,313 (2,422,953) 1,847,360
----------- ----------- -----------
PARTNERS' EQUITY:
General Partner (100,136) (1,061) (101,197)
Limited Partners 1,456,206 (20,164) 1,436,042
----------- ----------- -----------
Total partners' equity 1,356,070 (21,225) 1,334,845
----------- ----------- -----------
TOTAL LIABILITIES AND
PARTNERS' EQUITY $ 5,626,383 $(2,444,178) $ 3,182,205
=========== =========== ===========
*The after disposition proforma represents the historical operations of the
Partnership which does not include assets or liabilities relating to the
disposed property.
GRIFFIN REAL ESTATE FUND-VI,
A LIMITED PARTNERSHIP
CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
Three Months *After
Ended Disposition
REVENUES: March 31, 1996 Adjustments Proforma
- --------- --------- --------- ---------
Rental Income $ 337,571 $(188,077) $ 149,494
Interest Income $ 1,488 (113) 1,375
Other Income 6,236 (6,236) --
--------- --------- ---------
Total Revenues 345,295 (194,426) 150,869
--------- --------- ---------
OPERATING EXPENSES:
Operating Expenses 190,310 (116,511) 73,799
Interest Expense 98,929 (61,019) 37,910
Depreciation and amortization 57,843 (29,875) 27,968
--------- --------- ---------
Total Operating Expenses 347,082 (207,405) 139,677
--------- --------- ---------
NET INCOME (LOSS) (1,787) 12,979 11,192
NET INCOME (LOSS) ALLOCATED
TO GENERAL PARTNER (18) 130 112
--------- --------- ---------
NET INCOME (LOSS) ALLOCATED
TO LIMITED PARTNERS $ (1,769) $ 12,849 $ 11,080
========= ========= =========
NET INCOME (LOSS) PER LIMITED
PARTNERSHIP UNIT $ (.09) $ .67 $ .58
========= ========= =========
*The after disposition proforma represents the historical operations of the
Partnership which does not include operating income or expenses relating to the
disposed property, or the gain or loss on disposal.
Signatures
Prursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GRIFFIN REAL ESTATE FUND VI,
A LIMITED PARTNERSHIP
BY: GRIFFIN EQUITY PARTNERS
ITS GENERAL PARTNER
Date: May 24, 1996 BY: /s/ Larry D. Fransen
------------------------
Larry D. Fransen
General Partner
