<PAGE>
UNITED STATES
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 six months ended June 30, 1998
or
[ ] 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 0-16857
Brauvin Income Properties L.P. 6
(Name of small business issuer as specified in its charter)
Delaware 36-1276801
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
30 North LaSalle Street, Chicago, Illinois 60602
(Address of principal executive offices) (Zip Code)
(312) 443-0922
(Issuer's telephone number)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on
which registered
None None
Securities registered pursuant to Section 12(g) of the Act:
Limited Partnership Interests
(Title of class)
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 issuer was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No .
<PAGE>
BRAUVIN INCOME PROPERTIES L.P. 6
(a Delaware limited partnership)
INDEX
PART I
Page
Item 1. Financial Statements. . . . . . . . . . . . . . . . . . . . . .3
Balance Sheet at June 30, 1998. . . . . . . . . . . . . . . . .4
Statements of Operations for the
six months ended June 30, 1998 and 1997 . . . . . . . . . . . .5
Statements of Operations for the
three months ended June 30, 1998 and 1997 . . . . . . . . . . .6
Statements of Cash Flows for the
six months ended June 30, 1998 and 1997 . . . . . . . . . . . .7
Notes to Financial Statements . . . . . . . . . . . . . . . . .8
Item 2. Management's Discussion and Analysis or Plan
of Operation. . . . . . . . . . . . . . . . . . . . . . . . . 16
PART II
Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . 20
Item 2. Changes in Securities . . . . . . . . . . . . . . . . . . . . 20
Item 3. Defaults Upon Senior Securities . . . . . . . . . . . . . . . 20
Item 4. Submission of Matters to a Vote of Security
Holders . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Item 5. Other Information . . . . . . . . . . . . . . . . . . . . . . 20
Item 6. Exhibits, and Reports on Form 8-K . . . . . . . . . . . . . . 20
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
<PAGE>
BRAUVIN INCOME PROPERTIES L.P. 6
(a Delaware limited partnership)
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
The following Balance Sheet as of June 30, 1998, Statements of
Operations for the six months ended June 30, 1998 and 1997,
Statements of Operations for the three months ended June 30, 1998
and 1997, and Statements of Cash Flows for the six months ended
June 30, 1998 and 1997 for Brauvin Income Properties L.P. 6 (the
"Partnership") are unaudited but reflect, in the opinion of the
management, all adjustments necessary to present fairly the
information required. All such adjustments are of a normal
recurring nature.
These financial statements should be read in conjunction with the
financial statements and notes thereto included in the
Partnership's 1997 Annual Report on Form 10-KSB.
<PAGE>
BRAUVIN INCOME PROPERTIES L.P. 6
(a Delaware limited partnership)
BALANCE SHEET
(Unaudited)
June 30,
1998
ASSETS
Investment in real estate:
Land $ 2,756,651
Buildings and improvements 10,736,901
13,493,552
Less accumulated depreciation (3,628,990)
Net investment in real estate 9,864,562
Cash and cash equivalents 780,480
Rent receivable (net of
allowances of $35,906) 382,969
Escrow and other deposits 503,169
Other assets 177,813
Total Assets $11,708,993
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Mortgage notes payable (Note 3) $ 8,772,320
Accounts payable and accrued
expenses 227,730
Tenant security deposits 13,549
Due to affiliates 12,354
Total Liabilities 9,025,953
PARTNERS' CAPITAL:
General Partners 16,448
Limited Partners (7,842.5
limited partnership units
issued and outstanding) 2,666,592
Total Partners' Capital 2,683,040
Total Liabilities and
Partners' Capital $11,708,993
See accompanying notes to financial statements
<PAGE>
BRAUVIN INCOME PROPERTIES L.P. 6
(a Delaware limited partnership)
STATEMENTS OF OPERATIONS
For the six months ended June 30,
(Unaudited)
1998 1997
INCOME
Rental $1,021,583 $957,544
Interest 26,839 21,890
Other, primarily tenant
expense reimbursements 222,660 237,761
Total income 1,271,082 1,217,195
EXPENSES
Interest 432,919 437,092
Depreciation 182,904 186,034
Real estate taxes 65,544 65,922
Repairs and maintenance 11,881 14,626
Management fees (Note 4) 75,108 82,260
Other property operating 91,949 86,844
General and administrative 137,583 175,451
Total expenses 997,888 1,048,229
Net income $ 273,194 $ 168,966
Net income allocated to the
General Partners $ 2,732 $ 1,690
Net income allocated to the
Limited Partners $ 270,462 $ 167,276
Net income per limited partnership
interest (7,842.5 units) $ 34.49 $ 21.33
See accompanying notes to financial statements
<PAGE>
BRAUVIN INCOME PROPERTIES L.P. 6
(a Delaware limited partnership)
STATEMENTS OF OPERATIONS
For the three months ended June 30,
(Unaudited)
1998 1997
INCOME
Rental $506,661 $484,255
Interest 17,522 12,331
Other, primarily tenant
expense reimbursements 118,492 141,052
Total income 642,675 637,638
EXPENSES
Interest 216,432 218,951
Depreciation 91,839 92,323
Real estate taxes 32,772 32,463
Repairs and maintenance 5,612 5,871
Management fees (Note 4) 35,939 38,803
Other property operating 39,955 44,156
General and administrative 45,870 103,804
Total expenses 468,419 536,371
Net income $174,256 $101,267
Net income allocated to the
General Partners $ 1,743 $ 1,013
Net income allocated to the
Limited Partners $172,513 $100,254
Net income per limited partnership
interest (7,842.5 units) $ 22.00 $ 12.78
See accompanying notes to financial statements
<PAGE>
BRAUVIN INCOME PROPERTIES L.P. 6
(a Delaware limited partnership)
STATEMENTS OF CASH FLOWS
For the six months ended June 30,
(Unaudited)
1998 1997
Cash Flows From Operating Activities:
Net income $273,194 $168,966
Adjustments to reconcile net income
to net cash provided by
operating activities:
Depreciation 182,904 186,034
Provision for doubtful accounts 12,194 1,740
Change in rent receivable (102,412) 87,574
Change in escrow and other deposits 34,613 (26,429)
Change in other assets (15,307) 27,555
Change in accounts payable
and accrued expenses 3,084 (10,081)
Change in due to affiliates 890 12,298
Change in security deposits -- 1,146
Net cash provided by operating
activities 389,160 448,803
Cash Flows From Investing Activities:
Capital expenditures (30,229) (1,530)
Cash used in investing activities (30,229) (1,530)
Cash Flows From Financing Activities:
Repayment of mortgage notes payable (54,357) (2,861,944)
Proceeds from refinancing -- 2,925,000
Loan fees -- (38,543)
Cash distributions to Limited
Partners (274,040) (247,270)
Net cash used in financing activities (328,397) (222,757)
Net increase in cash and cash
equivalents 30,534 224,516
Cash and cash equivalents at
beginning of period 749,946 623,087
Cash and cash equivalents at end
of period $ 780,480 $ 847,603
Supplemental disclosure of
cash flow information:
Cash paid for interest $ 414,330 $ 419,087
See accompanying notes to financial statements
<PAGE>
BRAUVIN INCOME PROPERTIES L.P. 6
(a Delaware limited partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
Brauvin Income Properties L.P. 6 (the "Partnership") is a
Delaware limited partnership organized for the purpose of
acquiring, operating, holding for investment and disposing of
commercial properties consisting principally of existing shopping
centers and, to a lesser extent, office and industrial buildings.
The General Partners of the Partnership are Brauvin 6, Inc. and
Jerome J. Brault. On August 8, 1997, Mr. Cezar M. Froelich
resigned as a Individual General Partner effective 90 days from
August 14, 1997. Brauvin 6, Inc. is owned by the A.G.E. Realty
Corporation Inc.(50%) and by Messrs. Brault (beneficially) (25%)
and Froelich (25%). A.G. Edwards & Sons, Inc. and Brauvin
Securities, Inc., affiliates of the General Partners, were the
selling agents of the Partnership. The Partnership is managed by
an affiliate of the General Partners.
The Partnership was formed in April 1986. The Partnership filed
a Registration Statement on Form S-11 with the Securities and
Exchange Commission which became effective on May 30, 1986. The
offering was terminated on August 31, 1987 having sold $7,842,500
in limited partnership interests.
The Partnership has acquired the land and buildings underlying
Delchamps Shopping Center ("Delchamps"), Shoppes on the Parkway
("Shoppes") and a Ponderosa Restaurant ("Ponderosa").
<PAGE>
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Management's Use of Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated financial statements
and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those
estimates.
Accounting Method
The accompanying consolidated financial statements have been
prepared using the accrual method of accounting.
Rental Income
Rental income is recognized on a straight line basis over the
life of the related leases. Differences between rental income
earned and amounts due per the respective lease agreements are
credited or charged, as applicable, to deferred rent receivable.
Federal Income Taxes
Under the provisions of the Internal Revenue Code, the
Partnership's income and losses are reportable by the partners on
their respective income tax returns. Accordingly, no provision is
made for Federal income taxes in the consolidated financial
statements.
Consolidation of Special Purpose Entities
The Partnership has two special purpose entities ("SPE"),
Brauvin/Shoppes on the Parkway L.P. and Brauvin/Delchamps L.P.,
which are each owned 99% by the Partnership and 1% by an affiliate
of the General Partners. Distributions from each SPE are
subordinated to the Partnership which effectively precludes any
distributions from an SPE to affiliates of the General Partners.
The creation of each SPE did not affect the Partnership's economic
ownership of the properties. Furthermore, this change in ownership
structure had no material effect on the consolidated financial
statements of the Partnership.
Investment in Real Estate
The Partnership's rental properties are stated at cost including
acquisition costs, leasing commissions, tenant improvements and net
of provision for impairment. Depreciation and amortization are
recorded on a straight-line basis over the estimated economic lives
of the properties, which approximate 31.5 years, and the term of
the applicable leases, respectively. Two of the Partnership's
properties are subject to liens under first mortgages (see Note 3).
In 1995, the Partnership adopted Statement of Financial
Accounting Standards No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of"
(SFAS 121). The Partnership has performed an analysis of its long-
lived assets, and the
Partnership's management determined that
there were no events or changes in circumstances that indicated
that the carrying amount of the assets may not be recoverable at
June 30, 1998 and December 31, 1997. Accordingly, no impairment
loss has been recorded in the accompanying consolidated financial
statements for the six months ended June 30, 1998 and year ended
December 31, 1997.
<PAGE>
Cash and Cash Equivalents
Cash and cash equivalents include all highly liquid debt
instruments with an original maturity within three months of
purchase.
Estimated Fair Value of Financial Instruments
Disclosure of the estimated fair value of financial instruments
is made in accordance with the requirements of Statement of
Financial Accounting Standards No. 107, "Disclosures About Fair
Value of Financial Instruments". The estimated fair value amounts
have been determined by using available market information and
appropriate valuation methodologies. However, considerable
judgement is necessarily required in interpreting market data to
develop estimates of fair value.
The fair value estimates presented herein are based on
information available to management as of June 30, 1998 and
December 31, 1997, but may not necessarily be indicative of the
amounts that the Partnership could realize in a current market
exchange. The use of different assumptions and/or estimation
methodologies may have a material effect on the estimated fair
value amounts.
The carrying amounts of the following items are reasonable
estimates of fair value: cash and cash equivalents; rent receivable
escrow and other deposits; accounts payable and accrued expenses;
and due to affiliate.
(2) PARTNERSHIP AGREEMENT
The restated Limited Partnership Agreement (the "Agreement")
provides that 99% of the net profits and losses from operations of
the Partnership for each fiscal year of the Partnership shall be
allocated to the Limited Partners and 1% of the net profits and
losses from operations during each of said fiscal years shall be
allocated to the General Partners.
All Operating Cash Flow, as such term is defined in the
Agreement, during any calendar year shall be distributed 99% to the
Limited Partners and 1% to the General Partners. The receipt by
the General Partners of such 1% of Operating Cash Flow shall be
subordinated to the receipt by the Limited Partners of Operating
Cash Flow equal to a 10% per annum, cumulative, non-compounded
return on Adjusted Investment, as such term is defined in the
Agreement (the "Preferential Distribution"). In the event the full
Preferential Distribution is not made in any year (herein referred
to as a "Preferential Distribution Deficiency") and Operating Cash
Flow is available in following years in excess of the Preferential
Distribution for said years, then the Limited Partners shall be
paid such excess Operating Cash Flow until they have been paid any
unpaid Preferential Distribution Deficiency from prior years. For
subscribers who were admitted as Limited Partners during 1986, the
term "Preferential Distribution" shall mean a 12% per annum,
cumulative, non-compounded return on Adjusted Investment.
A cash distribution for the second quarter of 1998 was made to
the Limited Partners on August 15, 1998 in the amount of $136,477.
The Preferential Distribution Deficiency equaled $3,988,344 after
this last distribution.
(3) MORTGAGE NOTES PAYABLE
Mortgage notes payable at June 30, 1998, consisted of the
following:
Interest Date
1998 Rate Due
Shoppes on the Parkway(a) $5,887,497 9.55% 5/01/02
Delchamps Plaza
North Shopping Center(b) 2,884,823 9.03% 2/01/02
$8,772,320
The net carrying value of Delchamps and Shoppes approximated
$3,063,100 and $5,869,600, respectively, at June 30, 1998.
Delchamps and Shoppes serve as collateral under its respective
nonrecourse debt obligation.
Maturities of the mortgages payable are as follows:
1998 $ 56,230
1999 121,490
2000 132,707
2001 146,554
2002 8,315,339
$8,772,320
(a) On April 6, 1995, the Partnership obtained a first mortgage
loan in the amount of $6,100,000 (the "First Mortgage Loan")
secured by Shoppes from Morgan Stanley Mortgage Capital, Inc. (the
"Successor Lender"). The First Mortgage Loan bears interest at the
rate of 9.55% per annum, amortizes over a 25-year period, requires
monthly payments of principal and interest of approximately $53,500
and matures on May 1, 2002. A portion of the proceeds of the First
Mortgage Loan, approximately $4,675,000, was used to retire the
existing mortgage secured by Shoppes from Crown Life Insurance
Company. The remaining proceeds were used to pay loan closing
costs and a $999,919 return of capital distribution to the Limited
Partners.
As a precondition to the new financing, the Successor Lender
required that ownership of the property reside in a special purpose
entity ("SPE"). To accommodate the lender's requirements,
ownership of the property was transferred to the SPE,
Brauvin/Shoppes on the Parkway L.P., which is owned 99% by the
Partnership and 1% by an affiliate of the General Partners.
Distributions of Brauvin/Shoppes on the Parkway L.P. are
subordinated to a cumulative return to the Partnership. This
subordination will effectively preclude any distributions from the
SPE to affiliates of the General Partners. The creation of
Brauvin/Shoppes on the Parkway L.P. did not affect the
Partnership's economic ownership of Shoppes. Furthermore, this
change in ownership structure had no material effect on the
consolidated financial statements of the Partnership.
(b) The Partnership was required to make a balloon mortgage
payment for Delchamps in the amount of $2,823,249 in December 1996.
Prior to the scheduled maturity of the first mortgage loan, the
Lender granted the Partnership an extension until February 1, 1997.
On January 14, 1997, the Partnership obtained a first mortgage loan
in the amount of $2,925,000(the "First Mortgage Loan") secured by
Delchamps from NationsBanc Mortgage Capital Corporation. The First
Mortgage Loan bears interest at the rate of 9.03% per annum, is
amortized over a 25-year period, requires monthly payments of
principal and interest of approximately $24,600 and matures on
February 1, 2002. A portion of the proceeds of the First Mortgage
Loan, approximately $2,809,000, was used to retire the existing
mortgage secured by Delchamps from Lincoln National Life Insurance
Company.
As a precondition to the new financing on Delchamps, the lender
required that ownership of the property reside in a SPE. To
accommodate the lender's requirements, ownership of the property
was transferred to the SPE, Brauvin/Delchamps L.P., which is owned
99% by the Partnership and 1% by an affiliate of the General
Partners. Distributions of Brauvin/Delchamps L.P. are subordinated
to the Partnership which effectively precludes any distributions
from the SPE to affiliates of the General Partners. The creation
of Brauvin/Delchamps L.P. did not affect the Partnership's economic
ownership of the Delchamps property. Furthermore, this change in
ownership structure had no material effect on the consolidated
financial statements of the Partnership.
(4) TRANSACTIONS WITH AFFILIATES
Fees and other expenses paid or payable to the General Partners
or their affiliates for the six months ended June 30, 1998 and 1997
were as follows:
1998 1997
Management fees $75,107 $70,643
Reimbursable office expenses 77,250 56,578
Legal fees -- 499
The Partnership believes the amounts paid to affiliates are
representative of amounts which would have been paid to independent
parties for similar services. The Partnership had made all payments
to affiliates, except for $12,354 for management fees, as of June
30, 1998.
<PAGE>
BRAUVIN INCOME PROPERTIES L.P. 6
(a Delaware limited partnership)
ITEM 2. Management's Discussion and Analysis or Plan of
Operation.
General
Certain statements in this Annual Report that are not historical
fact constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Without
limiting the foregoing, words such as "anticipates", "expects",
"intends", "plans" and similar expressions are intended to identify
forward-looking statements. These statements are subject to a
number of risks and uncertainties. Actual results could differ
materially from those projected in the forward-looking statements.
The Partnership undertakes no obligation to update these forward-
looking statements to reflect future events or circumstances.
Year 2000
In 1997, the Partnership initiated the conversion from its
existing accounting software to a program that is year 2000
compliant. Management has determined that the year 2000 issue will
not pose significant operational problems for its computer system.
All costs associated with this conversion are being expensed as
incurred, and are not material.
Also in 1997, management of the Partnership initiated formal
communications with all of its significant third party vendors,
service providers and financial institutions to determine the
extent to which the Partnership is vulnerable to those third
parties failure to remedy their own year 2000 issue. There can be
no guarantee that the systems of these third parties will be timely
converted and would not have an adverse effect on the Partnership.
<PAGE>
BRAUVIN INCOME PROPERTIES L.P. 6
(a Delaware limited partnership)
Liquidity and Capital Resources
The Partnership intends to satisfy its short-term liquidity needs
through cash reserves and cash flow from the properties. Long-term
needs are expected to be satisfied through mortgage refinancing.
On April 6, 1995, the Partnership obtained a first mortgage loan
in the amount of $6,100,000 (the "First Mortgage Loan") secured by
Shoppes from Morgan Stanley Mortgage Capital, Inc. The First
Mortgage Loan bears interest at the rate of 9.55% per annum,
amortizes over a 25-year period, requires monthly payments of
principal and interest of approximately $53,000 and matures on May
1, 2002. A portion of the proceeds of the First Mortgage Loan,
approximately $4,675,000, was used to retire an existing mortgage
secured by Shoppes from Crown Life Insurance Company. The
remaining proceeds were used to pay loan closing costs and a
$999,919 return of capital distribution to the Limited Partners.
The Partnership was required to make a balloon mortgage payment
for Delchamps in December 1996 in the amount of $2,823,000. Prior
to the scheduled maturity of the first mortgage loan, the Lender
granted the Partnership an extension until February 1, 1997. On
January 14, 1997, the Partnership obtained a first mortgage loan in
the amount of $2,925,000 (the "First Mortgage Loan") secured by
Delchamps from NationsBanc Mortgage Capital Corporation. The First
Mortgage Loan bears interest at the rate of 9.03% per annum, is
amortized over a 25-year period, requires monthly payments of
principal and interest of approximately $24,600 and matures on
February 1, 2002. A portion of the proceeds of the First Mortgage
Loan, approximately $2,809,000 were used to retire the existing
mortgage secured by Delchamps from Lincoln National Life Insurance
Company.
The Partnership has paid annual cash distributions to Limited
Partners since 1986, as many of the Partnership's properties have
been operating in strong retail markets.
<PAGE>
BRAUVIN INCOME PROPERTIES L.P. 6
(a Delaware limited partnership)
Below is a table summarizing the historical data for distribution
per Limited Partnership Interest for the last two years:
Distribution
Date 1998 1997 1996
February 15 $16.49 $15.39 $12.65
May 15 17.21 16.14 13.06
August 15 17.40 16.31 10.88
November 15 17.63 11.00
A distribution of Operating Cash Flow for the second quarter of
1998 was made to the Limited Partners on August 15, 1998 in the
amount of $136,477. The Preferential Distribution Deficiency
equaled $3,988,344 after this last distribution, a $78,425 increase
over 1997.
The General Partners expect to distribute proceeds from operating
cash flow, if any, and from the sale of real estate to Limited
Partners in a manner that is consistent with the investment
objectives of the Partnership. Management of the Partnership
believes that cash needs may arise from time to time which will
have the effect of reducing distributions to Limited Partners to
amounts less than would be available from refinancings or sale
proceeds. These cash needs include, among other things,
maintenance of working capital reserves in compliance with the
Agreement, as well as payments for major repairs, tenant
improvements and leasing commissions in support of real estate
operations.
Results of Operations - Six months ended June 30, 1998 and 1997
(Amounts rounded to nearest $000's)
The Partnership generated net income of $273,000 for the six
months ended June 30, 1998 as compared to net income of $169,000
<PAGE>
BRAUVIN INCOME PROPERTIES L.P. 6
(a Delaware limited partnership)
for the same six month period in 1997. The $104,000 increase in
net income resulted primarily from a $54,000 increase in total
income and a $50,000 decrease in total expenses.
Total income for the six months ended June 30, 1998 was
$1,271,000 as compared to $1,217,000 for the same six month period
in 1997, an increase of $54,000. The $54,000 increase resulted
primarily from an increase in rental income at Shoppes due to
increased percentage rental income.
For the six months ended June 30, 1998 total expenses were
$998,000 as compared to $1,048,000 for the same six month period in
1997, a decrease of $50,000. The decrease of $50,000 was due
primarily to a decrease of $38,000 in general and administrative
expenses and a decrease of $7,000 in management fees. The decrease
of $38,000 in general and administrative expenses was associated
primarily with a $23,000 decrease in insurance expense at Shoppes.
Results of Operations - Three months ended June 30, 1998 and 1997
(Amounts rounded to nearest $000's)
The Partnership generated net income of $174,000 for the three
months ended June 30, 1998 as compared to net income of $101,000
for the same three month period in 1997. The $73,000 increase in
net income resulted primarily from a $5,000 increase in total
income and a $68,000 decrease in total expenses.
Total income for the three months ended June 30, 1998 was
$643,000 as compared to $638,000 for the same three month period in
1997, an increase of $5,000. The $5,000 increase resulted
primarily from an increase in interest income at Shoppes and
Delchamps.
For the three months ended June 30, 1998 total expenses were
$468,000 as compared to $536,000 for the same three month period in
1997, a decrease of $68,000. The decrease of $68,000 was due to a
decrease in general and administrative expenses in 1998, which was
a result of decreased insurance and bad debt expenses at Shoppes.
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings.
None.
ITEM 2. Changes in Securities.
None.
ITEM 3. Defaults Upon Senior Securities.
None.
ITEM 4. Submission of Matters To a Vote of Security
Holders.
None.
ITEM 5. Other Information.
None.
ITEM 6. Exhibits and Reports on Form 8-K.
Exhibit 27. Financial Data Schedule
<PAGE>
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.
BY: Brauvin 6, Inc.
Corporate General Partner of
Brauvin Income Properties L.P. 6
BY: /s/ Jerome J. Brault
Jerome J. Brault
Chairman of the Board of
Directors and President
DATE: August 14, 1998
BY: /s/ Thomas E. Murphy
Thomas E. Murphy
Chief Financial Officer and
Treasurer
DATE: August 14, 1998
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 780,480
<SECURITIES> 0
<RECEIVABLES> 382,969
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 13,493,552 <F1>
<DEPRECIATION> 3,628,990
<TOTAL-ASSETS> 11,708,993
<CURRENT-LIABILITIES> 253,633
<BONDS> 8,772,320 <F2>
0
0
<COMMON> 2,683,040 <F3>
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 11,708,993
<SALES> 0
<TOTAL-REVENUES> 1,271,082 <F4>
<CGS> 0
<TOTAL-COSTS> 564,969 <F5>
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 432,919
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 273,194
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1> "PP&E" REPRESENTS INVESTMENT IN REAL ESTATE [LAND AND
BUILDING]
<F2> "BONDS" REPRESENTS MORTGAGES PAYABLE
<F3> "COMMON" REPRESENTS TOTAL PARTNERS CAPITAL
<F4> "TOTAL REVENUES" REPRESENTS RENTAL, INTEREST, AND OTHER
INCOME
<F5> "TOTAL COSTS" REPRESENTS TOTAL EXPENSES LESS INTEREST
EXPENSE
</FN>
</TABLE>
