<PAGE>
- --------------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1999
-------------
Commission file number 0-15643
NATIONAL LEASE INCOME FUND 6 L.P.
(Exact name of registrant as specified in its charter)
DELAWARE 13-3275922
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
411 West Putnam Avenue, Suite 270, Greenwich, CT 06830
(Address of principal executive offices)
(203) 862-7444
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check whether the registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 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
----- -----
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<PAGE>
INDEX
<TABLE>
<CAPTION>
PART I - FINANCIAL INFORMATION
<S> <C>
ITEM 1 - FINANCIAL STATEMENTS
BALANCE SHEETS - June 30, 1999 and December 31, 1998 ............................................ 1
STATEMENTS OF OPERATIONS - For the three months ended June 30, 1999
and 1998 and for the six months ended June 30, 1999 and 1998.................................. 2
STATEMENT OF PARTNERS' EQUITY - For the six months ended
June 30, 1999 .............................................................................. 3
STATEMENTS OF CASH FLOWS - For the six months ended
June 30, 1999 and 1998 ..................................................................... 4
NOTES TO FINANCIAL STATEMENTS ................................................................... 5-8
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS ...................................................... 9-11
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS ......................................................................... 12
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K .......................................................... 12
SIGNATURES ............................................................................................... 13
</TABLE>
<PAGE>
PART 1 - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
NATIONAL LEASE INCOME FUND 6 L.P.
BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,
1999 1998
------------- -------------
ASSETS
<S> <C> <C>
Cash and cash equivalents $ 4,612,354 $ 2,287,311
Leased equipment, net 2,474,919 3,233,889
Deferred costs 31,821 28,354
Other receivables and prepaid expenses 27,563 8,377
Equipment held for sale, net - 2,463,781
------------ -----------
$ 7,146,657 $ 8,021,712
============ ===========
LIABILITIES AND PARTNERS' EQUITY
Liabilities
Accounts payable and accrued expenses $ 80,952 $ 249,040
Deferred income 34,625 34,625
Due to affiliates - 25,329
------------ -----------
Total liabilities 115,577 308,994
------------ -----------
Commitments and contingencies
Partners' equity
Limited partners' equity (300,005 units issued
and outstanding) 6,950,918 7,625,740
General partners' equity 80,162 86,978
------------ -----------
Total partners' equity 7,031,080 7,712,718
------------ -----------
$ 7,146,657 $ 8,021,712
============ ===========
</TABLE>
See notes to financial statements.
1
<PAGE>
NATIONAL LEASE INCOME FUND 6 L.P.
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the three months ended For the six months ended
June 30, June 30,
----------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues
Rental $ 207,750 $ 565,500 $ 415,500 $1,181,000
Interest 42,667 68,980 67,356 133,004
Other 4,620 - 47,525 2,240
------------ ------------ ------------ ------------
255,037 634,480 530,381 1,316,244
------------ ------------ ------------ ------------
Costs and expenses
Provision for equipment impairment 572,000 - 787,000 -
Depreciation 93,485 186,993 186,970 373,994
General and administrative 59,962 83,116 117,979 120,097
Operating 46,287 469,340 99,295 552,637
Fees to affiliates 10,387 154,275 20,775 185,050
------------ ------------ ------------ ------------
782,121 893,724 1,212,019 1,231,778
------------ ------------ ------------ ------------
Net (loss) income $ (527,084) $ (259,244) $ (681,638) $ 84,466
------------ ------------ ------------ ------------
Net (loss) income attributable to
Limited partners $ (521,813) $ (256,652) $ (674,822) $ 83,621
General partners (5,271) (2,592) (6,816) 845
------------ ------------ ------------ ------------
$ (527,084) $ (259,244) $ (681,638) $ 84,466
============ ============ ============ ============
Net (loss) income per unit of limited
partnership interest (300,005 units
outstanding) $ (1.74) $ (.86) $ (2.25) $ .28
============ ============ ============ ============
</TABLE>
See notes to financial statements.
2
<PAGE>
NATIONAL LEASE INCOME FUND 6 L.P.
STATEMENT OF PARTNERS' EQUITY
<TABLE>
<CAPTION>
Limited General Total
Partners' Partners' Partners'
Equity Equity Equity
----------- -------- -----------
<S> <C> <C> <C>
Balance, January 1, 1999 $ 7,625,740 $ 86,978 $ 7,712,718
Net loss for the six months
ended June 30, 1999 (674,822) (6,816) (681,638)
----------- -------- -----------
Balance, June 30, 1999 $ 6,950,918 $ 80,162 $ 7,031,080
=========== ======== ===========
</TABLE>
See notes to financial statements.
3
<PAGE>
NATIONAL LEASE INCOME FUND 6 L.P.
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the six months ended
June 30,
----------------------------
1999 1998
----------- --------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
<S> <C> <C>
Cash flows from operating activities
Net (loss) income $ (681,638) $ 84,466
Adjustments to reconcile net (loss) income to net
cash provided by operating activities
Provision for equipment impairment 787,000 -
Depreciation 186,970 373,994
Amortization of deferred costs - 56,258
Changes in assets and liabilities
Other receivables and prepaid expenses (19,186) (13,329)
Deferred costs (3,467) (12,345)
Accounts payable and accrued expenses (168,088) 75,362
Due to affiliates (25,329) 126,000
----------- -----------
Net cash provided by operating activities 76,262 690,406
----------- -----------
Cash flows from investing activities
Proceeds from sale of aircraft, net 2,248,781 -
Note receivable collections - 3,481
----------- -----------
Net cash provided by investing activities 2,248,781 3,481
----------- -----------
Net increase in cash and cash equivalents 2,325,043 693,887
Cash and cash equivalents, beginning of period 2,287,311 4,796,456
----------- -----------
Cash and cash equivalents, end of period $ 4,612,354 $ 5,490,343
=========== ===========
</TABLE>
See notes to financial statements.
4
<PAGE>
NATIONAL LEASE INCOME FUND 6 L.P.
NOTES TO FINANCIAL STATEMENTS
1 INTERIM FINANCIAL INFORMATION
The summarized financial information contained herein is unaudited;
however, in the opinion of management, all adjustments (consisting only
of recurring accruals) necessary for a fair presentation of such
financial information have been included. The accompanying financial
statements, footnotes and discussions should be read in conjunction
with the financial statements, related footnotes and discussions
contained in the National Lease Income Fund 6 L.P. (the "Partnership")
annual report on Form 10-K for the year ended December 31, 1998. The
results of operations for the six months ended June 30, 1999 are not
necessarily indicative of the results to be expected for the full year.
When used in this quarterly report on Form 10-Q, the words "believes,"
"anticipates," "expects" and similar expressions are intended to
identify forward-looking statements. Statements looking forward in time
are included in this quarterly report on Form 10-Q pursuant to the
"safe harbor" provision on the Private Securities Litigation Reform Act
of 1995. Such statements are subject to certain risks and uncertainties
which could cause actual results to differ materially, including, but
not limited to, those set forth in "management's discussion and
analysis of financial condition and results of operations." Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Partnership
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances occurring after the date
hereof or to reflect the occurrence of unanticipated events.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Leases
The Partnership accounts for all of its leases in accordance with the
operating and financing methods. For operating leases, rental revenue
is recognized on a straight-line basis and expenses (including
depreciation) are charged to operations as incurred. For financing
leases, unearned income is recognized as revenue over the respective
lease term so as to produce a constant rate of return on the net
investment.
Leased equipment and equipment held for sale
The cost of leased equipment and equipment held for sale represents the
initial cost of the equipment to the Partnership plus miscellaneous
acquisition and closing costs, and is carried at the lower of
depreciated cost or fair value.
Depreciation is computed using the straight-line method over the
estimated useful lives of such assets (13 to 18 years for aircraft and
aircraft-related equipment). The Partnership capitalizes major
additions to its aircraft and depreciates such capital improvements
over the remaining estimated useful life of such aircraft. Depreciation
is not computed for equipment held for sale.
When equipment is sold or otherwise disposed of, the cost and
accumulated depreciation (and any related allowance for equipment
impairment) are removed from the accounts and any gain or loss on such
sale or disposal is reflected in operations. Normal maintenance and
repairs are charged to operations as incurred. The Partnership provides
allowances for equipment impairment based upon a periodic review of all
equipment in its portfolio, when management believes that, based upon
market analysis, appraisal reports and leases currently in place with
respect to specific equipment, the investment in such equipment may not
be recoverable. The Partnership may provide for additional losses in
subsequent periods and such losses could be material.
3 CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES
The general partners of the Partnership are ALI Equipment Management
Corp. ("Equipment Management"), ALI Capital Corp. and Presidio Boram
Corp., all of whom are direct or indirect subsidiaries of Presidio
Capital Corp. ("Presidio"). Other limited partnerships and similar
investment programs have been formed by affiliates of the general
partners to acquire equipment and, accordingly, conflicts of interest
may arise between the Partnership and such other limited partnerships.
Affiliates of the general partners have also engaged in businesses
related to the management of equipment and the sale of various types of
equipment and may transact business with the Partnership.
5
<PAGE>
NATIONAL LEASE INCOME FUND 6 L.P.
NOTES TO FINANCIAL STATEMENTS
3 CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES (continued)
Subject to the rights of the Limited Partners under the Limited
Partnership Agreement, Presidio controls the Partnership through its
direct or indirect ownership of all of the shares of Equipment
Management, the Corporate General Partner and, as of February 28, 1995,
the associate general partner. On August 28, 1997, an affiliate of
NorthStar Capital Partners acquired all of the Class B shares of
Presidio, the corporate parent of the general partners. This
acquisition, when aggregated with previous acquisitions, caused
NorthStar Capital Partners to acquire indirect control of the general
partners. Effective July 31, 1998, Presidio is indirectly controlled by
NorthStar Capital Investment Corp. ("NorthStar"), a Maryland
corporation.
Presidio entered into a management agreement with NorthStar Presidio
Management Company, LLC ("NorthStar Presidio"). Under the terms of the
management agreement, NorthStar Presidio provides the day-to-day
management of Presidio and its direct and indirect subsidiaries and
affiliates. During the six months ended June 30, 1999 and 1998
reimbursable expenses to NorthStar Presidio from the Partnership
amounted to $7,500 and $5,872, respectively.
The Partnership has a management agreement with Integrated Resources
Equipment Group, Inc. ("IREG"), pursuant to which IREG receives
equipment management fees of 5% of annual gross rental revenues on
operating leases; 2% of annual gross rental revenues on full payout
leases which contain net lease provisions; and 1% of annual gross
rental revenues if services are performed by third parties under the
active supervision of Equipment Management, as defined in the Limited
Partnership Agreement. The Partnership incurred equipment management
fees of $20,775 and $59,050 for the six months ended June 30, 1999 and
1998, respectively.
During the operating and liquidating stage of the Partnership, IREG may
be entitled to a partnership management fee equal to 4% of cash from
operations as defined in the Limited Partnership Agreement, subject to
possible increase after the limited partners have received certain
specified minimum returns on their investment. The Partnership did not
incur any management fees for the six months ended June 30, 1999 and
for the six months ended June 30, 1998, management fees amounted to
$126,000.
The management agreements between the Partnership and IREG may be
terminated by either party to such agreements.
The general partners are entitled to 1% of distributable cash from
operations, cash from sales or financing and cash from the equipment
reserve accounts and an allocation of 1% of taxable net income or loss
of the Partnership.
During the operating and liquidating stage of the Partnership, IREG may
be entitled to receive certain other fees which are subordinated to the
receipt by the limited partners of their original invested capital and
certain specified minimum returns on their investment.
Upon the ultimate liquidation of the Partnership, the general partners
may be required to remit to the Partnership certain payments
representing capital account deficit restoration based upon a formula
provided within the Limited Partnership Agreement. Such restoration
amount may be less than the recorded general partners' deficit, which
could result in distributions to the limited partners of less than
recorded equity.
6
<PAGE>
NATIONAL LEASE INCOME FUND 6 L.P.
NOTES TO FINANCIAL STATEMENTS
4 COMMITMENTS AND CONTINGENCIES
a. Continental Micronesia, Inc.
On March 31, 1993, the Partnership leased two Boeing 727-227 Advanced
aircraft to Continental Airlines, Inc. ("Continental") for a term of
approximately 69 months to be used by Continental's Air Micronesia
operation (the "Air Mike Leases"). Each Air Mike Lease provided for a
monthly base rent of $69,250, subject to adjustments for rent credits
relating to initial modifications (the "Initial Modifications") which
include Traffic Collision Avoidance Systems, windshear detection and
upgraded avionics, aggregating approximately $1,308,000 for both
aircraft. Such modifications were funded by Continental and were repaid
by the Partnership through the application of rent credits such that
Continental recouped the aggregate cost of the Initial Modifications
over a 36-month period with interest at 9.31% per annum. In April 1993,
Continental transferred all of its rights and obligations under the Air
Mike Leases to Air Micronesia, a stand-alone air carrier affiliated
with Continental.
In addition, Continental has made certain other modifications to such
aircraft. The Partnership provided financing for the modifications
("Lessor Financing Credits") against the base rental payments due under
the Air Mike Leases. The lessee repaid Lessor Financing Credits through
monthly installments which were amortized at the rate of 9.31% per
annum over 36 months. Through June 30, 1999, the Partnership had
provided financing aggregating approximately $1,308,000. The
Partnership sold one aircraft to an unaffiliated third party during the
third quarter of 1998. Additionally, the Partnership has agreed to
extend the term of the lease with respect to the second aircraft until
December 31, 1999 at the same lease rate. The net carrying value of the
aircraft aggregated approximately $2,475,000 and $3,234,000 (net of
allowances for equipment impairment aggregating approximately
$5,577,000 and $5,005,000) at June 30, 1999 and December 31, 1998,
respectively. During the current quarter, management believes the
Boeing 727 aircraft had been impaired and has recorded an additional
impairment of $572,000.
b. Tax assessment
In July 1998, the Partnership received proposed notices of assessment
from the State of Hawaii with respect to general excise tax ("GET")
aggregating approximately $1,757,000 (including interest and penalties)
for the years 1987 through 1995. The state is alleging that the
Partnership owes GET with respect to rents received from Aloha
Airlines, Inc. ("Aloha") and Hawaiian Airlines, Inc. ("Hawaiian") under
the leases between the Partnership and each of the airlines.
The leases with both Aloha and Hawaiian provided for full
indemnification of the Partnership for such taxes, but the bankruptcy
of Hawaiian may relieve Hawaiian of its indemnification obligation for
any periods prior to September 21, 1993, when Hawaiian and its
affiliates sought bankruptcy protection. In any event, it is the
Partnership, as taxpayer, which is ultimately liable for GET, if it is
applicable.
The State of Hawaii has not previously applied the GET to rentals
received by a lessor of aircraft where the lessor's only contact with
the State of Hawaii is that it has leased its aircraft to airlines
which are based in the state. Aloha and Hawaiian, as well as the
Partnership, have separately engaged tax counsel and both airlines are
cooperating with the Partnership to vigorously contest the proposed
assessments.
Final notices of assessment have not yet been issued. Although there
can be no assurance that the contest of the assessments will be
successful, the Partnership believes that the state's position on the
applicability of GET in this instance is without merit. The Partnership
has not recorded any provision or liability as a result of the proposed
notices of assessment.
7
<PAGE>
NATIONAL LEASE INCOME FUND 6 L.P.
NOTES TO FINANCIAL STATEMENTS
5 AIRCRAFT SALES
On April 20, 1999, the Partnership sold one Boeing 737-200 aircraft to
an unaffiliated third party for proceeds of approximately $1,250,000,
exclusive of selling expenses of approximately $52,000. At the time of
sale, the aircraft had a net carrying value of approximately
$1,198,000. At March 31, 1999, the Partnership recorded a provision for
equipment impairment of approximately $34,000 with respect to this
aircraft.
On May 5, 1999, a Boeing 737-200 aircraft owned by the Partnership was
sold to an unaffiliated third party for proceeds of approximately
$1,100,000, exclusive of selling expenses of approximately $49,000. At
the time of sale, the aircraft had a net carrying value of
approximately $1,051,000. At March 31, 1999, the Partnership recorded a
provision for equipment impairment of approximately $181,000 with
respect to this aircraft.
8
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
As of June 30, 1999, the Partnership had operating reserves of approximately
$4,532,000, which was comprised of undistributed cash from operations and sales,
aggregating approximately $3,032,000, as well as the general working capital
reserve of $1,500,000.
During 1999, the Partnership anticipates receiving approximately $416,000 of
rentals from one non-cancelable lease accounted for as an operating lease. The
foregoing amount does not reflect deductions for operating expenses and is not
sufficient to maintain previous distribution levels. Distribution levels may
fluctuate based upon the proceeds generated by the sales of the Partnership's
remaining aircraft and requirements for operating reserves, if any.
As of June 30, 1999, the Partnership remained the owner of one aircraft and
related engines as well as one additional aircraft engine and components, which
in the aggregate represented 100% of its remaining equipment, on an original
cost basis. Such aircraft and engine had an original cost of approximately
$15,751,000 (net carrying value of approximately $2,475,000).
It may be necessary for the Partnership to use a portion of its operating
reserves which would otherwise be available for distribution, to upgrade or
enhance its remaining aircraft as it comes off-lease if the Partnership
determines that such expenditures are in its best interests in order to maximize
the re-marketing value of such aircraft.
The Partnership is attempting to sell its one remaining aircraft and additional
engine as promptly as possible with a view towards liquidating the Partnership's
entire portfolio and winding up the business of the Partnership prior to the end
of 1999.
In July 1998, the Partnership received proposed notices of assessment from the
State of Hawaii with respect to general excise tax ("GET") aggregating
approximately $1,757,000 (including interest and penalties) for the years 1987
through 1995. The state is alleging that the Partnership owes GET with respect
to rents received from Aloha Airlines, Inc. ("Aloha") and Hawaiian Airlines,
Inc. ("Hawaiian") under the leases between the Partnership and each of the
airlines.
The leases with both Aloha and Hawaiian provided for full indemnification of the
Partnership for such taxes, but the bankruptcy of Hawaiian may relieve Hawaiian
of its indemnification obligation for any periods prior to September 21, 1993,
when Hawaiian and its affiliates sought bankruptcy protection. In any event, it
is the Partnership, as taxpayer, which is ultimately liable for GET, if it is
applicable.
The State of Hawaii has not previously applied the GET to rentals received by a
lessor of aircraft where the lessor's only contact with the State of Hawaii is
that it has leased its aircraft to airlines which are based in the state. Aloha
and Hawaiian, as well as the Partnership, have separately engaged tax counsel
and both airlines are cooperating with the Partnership to vigorously contest the
proposed assessments.
Final notices of assessment have not yet been issued. Although there can be no
assurance that the contest of the assessments will be successful, the
Partnership believes that the state's position on the applicability of GET in
this instance is without merit. The Partnership has not recorded any provision
or liability as a result of the proposed notices of assessment.
9
<PAGE>
Liquidity and Capital Resources (continued)
Inflation and changing prices have not had any material effect on the
Partnership's revenues since its inception nor does the Partnership anticipate
any material effect on its business from these factors. The softness in the
aircraft industry and resulting decline in value of the aircraft owned by the
Partnership have resulted in the Partnership providing allowances for equipment
impairment.
Year 2000 compliance
The Year 2000 compliance issue concerns the inability of computerized
information systems and equipment to accurately calculate, store or use a date
after December 31, 1999, as a result of the year being stored as a two digit
number. This could result in a system failure or miscalculations causing
disruptions of operations. The Partnership and NorthStar Presidio recognize the
importance of ensuring that its business operations are not disrupted as a
result of Year 2000 related computer system and software issues.
NorthStar Presidio is in the process of assessing its internal computer
information systems and is taking the steps necessary to remediate these systems
so that they will be Year 2000 compliant. In connection therewith, NorthStar
Presidio has installed a new fully compliant accounting and reporting system.
NorthStar Presidio is also reviewing its other internal systems and programs,
along with those of its unaffiliated third party service providers, in order to
ensure compliance.
Because this assessment is ongoing, the total cost of bringing all systems and
equipment into Year 2000 compliance has not been fully quantified. Based upon
available information, NorthStar Presidio does not believe that these costs will
have a material adverse effect on the Partnership's business, financial
condition or results. While the Partnership's present intention is to wind up
its business prior to the end of 1999, it is possible that there could be
adverse consequences to the Partnership as a result of Year 2000 issues that are
outside the Partnership's control.
Results of Operations
Net income decreased for the three and six month periods ended June 30, 1999 as
compared to the three and six month periods ended June 30, 1998, principally due
to a decrease in revenues and the recording of a provision for equipment
impairment during the three month period ended June 30, 1999.
Revenues decreased overall for the three and six month periods ended June 30,
1999 compared to the corresponding periods of the prior year. Rental income
decreased due to the sale of one Boeing 727-227 on September 23, 1998 and the
return of two Boeing 737-200 aircraft in January and August 1998
Interest income decreased for the three and six month periods ended June 30,
1999 compared to the corresponding periods of the prior year due to lower cash
balances available for short term investment.
Expenses decreased overall for the three and six month periods ended June 30,
1999 as compared to the corresponding periods of the prior year as follows:
Operating expenses decreased due to lower expenses related to the return and
storage of aircraft, as well as certain costs associated with the off-lease
aircraft in order to comply with Federal Aviation Authority airworthiness
directives in 1998.
10
<PAGE>
Results of Operations (continued)
Depreciation expense decreased resulting from the disposition of certain
equipment subsequent to the prior year's period, as well as to the fact that
certain equipment reached salvage value prior to the current year's period.
Fees to affiliates decreased due to a decrease in partnership management fees
resulting from a decrease in distributable cash from operations as well as lower
equipment management fees due to reduced rentals on which such fee is based.
The Partnership recorded a provision for equipment impairment of $572,000 during
the three month period ended June 30, 1999 to recognize the loss in value
related to one Boeing 727-227 Advanced aircraft. No provision was recorded in
the prior year period.
11
<PAGE>
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
None
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits: None
(b) Reports on form 8-K: None
12
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Partnership has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
National Lease Income Fund 6 L.P.
By: ALI Equipment Management Corp.
Managing General Partner
/s/ Allan B. Rothschild
------------------------------------
Allan B. Rothschild
President
/s/ Lawrence R. Schachter
------------------------------------
Lawrence R. Schachter
Senior Vice President and Chief
Financial Officer
Date: August 11, 1999
13
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary information extracted from the Financial
Statements of the June 30, 1999 Form 10-Q of National Lease Income Fund 6 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<CASH> 4,612,354
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 7,146,657
<PP&E> 9,006,725
<DEPRECIATION> 6,531,806
<TOTAL-ASSETS> 7,146,657
<CURRENT-LIABILITIES> 115,577
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,031,080
<TOTAL-LIABILITY-AND-EQUITY> 7,146,657
<SALES> 0
<TOTAL-REVENUES> 530,381
<CGS> 0
<TOTAL-COSTS> 238,049
<OTHER-EXPENSES> 973,970
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (681,638)
<INCOME-TAX> 0
<INCOME-CONTINUING> (681,638)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (681,638)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
