FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
QUARTERLY OR TRANSITIONAL REPORT
(As last amended by 34-32231, eff. 6/3/93.)
U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period.........to.........
Commission file number 0-16210
ANGELES INCOME PROPERTIES LTD. 6
(Exact name of small business issuer as specified in its charter)
California 95-4106139
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices) (Zip Code)
Issuer's telephone number (864) 239-1000
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a) ANGELES INCOME PROPERTIES LTD. 6
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
September 30, 1996
Assets
Cash and cash equivalents:
Unrestricted $ 1,793
Restricted--tenant security deposits 83
Accounts receivable, net of allowance
of $175 229
Escrow for taxes 744
Restricted escrows 202
Other assets 907
Investment properties:
Land $ 6,066
Buildings and related personal property 30,494
36,560
Less accumulated depreciation ( 7,577) 28,983
$32,941
Liabilities and Partners' (Deficit) Capital
Liabilities
Accounts payable $ 168
Due to affiliates 31
Tenant security deposits 123
Accrued taxes 400
Other liabilities 800
Notes payable 24,812
Partners' (Deficit) Capital
General partner $ (339)
Limited partners (47,377 units issued
and outstanding) 6,946 6,607
$32,941
See Accompanying Notes to Consolidated Financial Statements
b) ANGELES INCOME PROPERTIES, LTD. 6
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 2,237 $ 2,501 $ 7,252 $6,842
Other income 84 88 345 239
Total revenues 2,321 2,589 7,597 7,081
Expenses:
Operating 733 722 2,374 2,183
General and administrative 134 113 311 300
Maintenance 223 237 683 626
Depreciation 344 392 1,103 1,044
Interest 1,031 1,047 3,064 2,919
Property taxes 423 412 1,103 1,014
Bad debt expense 23 151 254 39
Total expenses 2,911 3,074 8,892 8,125
Loss on disposal of property (3,068) -- (3,068) (9)
Casualty gain -- -- 144 --
Equity in income from
joint venture -- -- -- 2,894
(Loss) income before extraordinary item (3,658) (485) (4,219) 1,841
Extraordinary gain on
extinguishment of debt 10,467 -- 10,467 --
Net income (loss) $ 6,809 $ (485) $ 6,248 $1,841
Net income (loss) allocated
to general partner (1%) $ 68 $ (5) $ 62 $ 18
Net income (loss) allocated
to limited partners (99%) 6,741 (480) 6,186 1,823
Net income (loss) $ 6,809 $ (485) $ 6,248 $1,841
Per limited partnership unit:
Loss before extraordinary item $(76.44) $(10.13) $(88.15) $38.48
Extraordinary gain on
extinguishment of debt 218.72 -- 218.72 --
Net income (loss) $142.28 $(10.13) $130.57 $38.48
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
c) ANGELES INCOME PROPERTIES LTD. 6
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 47,384 $ 1 $47,384 $47,385
Partners' (deficit) capital at
December 31, 1995 47,377 $ (401) $ 760 $ 359
Net income for the nine months
ended September 30, 1996 62 6,186 6,248
Partners' (deficit) capital at
September 30, 1996 47,377 $ (339) $ 6,946 $ 6,607
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d) ANGELES INCOME PROPERTIES LTD. 6
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
1996 1995
<S> <C> <C>
Cash flows from operating activities:
Net income $ 6,248 $ 1,841
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation 1,103 1,044
Amortization of discounts, loan costs, and
leasing commissions 114 170
Bad debt expense 264 39
Extraordinary gain on extinguishment of debt (10,467) --
Loss on disposal of property 3,068 9
Casualty gain (144) --
Equity in income from joint venture -- (2,894)
Change in accounts:
Restricted cash 127 (31)
Accounts receivable (155) 161
Escrows for taxes (141) (460)
Other assets (49) (212)
Accounts payable (87) (432)
Due to affiliates 31 (238)
Tenant security deposit liabilities (129) 53
Accrued taxes (449) 534
Other liabilities 470 183
Net cash used in operating activities (196) (233)
Cash flows from investing activities:
Property improvements and replacements (366) (626)
Deposits to restricted escrows (39) (33)
Withdrawals from restricted escrows 74 136
Insurance proceeds 144 --
Proceeds received from foreclosure -- 876
Net cash (used in) provided by investing activities (187) 353
Cash flows from financing activities:
Proceeds from long-term borrowing 505 769
Payments on notes payable (240) (162)
Proceeds from sale 8,864 --
Repayment of long term notes (8,400) --
Net cash provided by financing activities 729 607
Net increase in cash 346 727
Cash and cash equivalents at beginning of period 1,447 694
Cash and cash equivalents at end of period $ 1,793 $ 1,421
Supplemental disclosure of cash flow information:
Cash paid for interest $ 2,488 $ 2,677
Supplemental disclosure of non-cash investing
and financing activities:
Mortgage debt canceled upon sale of investment property $10,467 $ --
Interest on notes transferred to notes payable $ -- $ 44
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
e)
ANGELES INCOME PROPERTIES LTD. 6.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of Angeles Realty Corporation II (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, 1996, are not necessarily indicative of the
results that may be expected for the fiscal year ending December 31, 1996. For
further information, refer to the financial statements and footnotes thereto
included in Angeles Income Properties, Ltd. 6's (the "Partnership") annual
report on Form 10-KSB for the fiscal year ended December 31, 1995.
Certain reclassifications have been made to the 1995 information to conform to
the 1996 presentation.
NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES
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 payments to affiliates for services and
as reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership. The following expenses were paid or accrued to the General Partner
and affiliates during each of the nine months ended September 30, 1996 and 1995:
1996 1995
(in thousands)
Property management fees (included in operating expenses) $ 333 $308
Reimbursement for services of affiliates (included in 209 228
general and administrative and operating expenses)
Property lease commissions 26 39
NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES (CONTINUED)
The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the General Partner. An affiliate of the General
Partner acquired, in the acquisition of a business, certain financial
obligations from an insurance agency which was later acquired by the agent who
placed the current year's master policy. The current agent assumed the
financial obligations to the affiliate of the General Partner who receives
payment on these obligations from the agent. The amount of the Partnership's
insurance premiums accruing to the benefit of the affiliate of the General
Partner by virtue of the agent's obligations is not significant.
In November 1992, Angeles Acceptance Pool, L.P. ("AAP"), a Delaware limited
partnership was organized to acquire and hold the obligations evidencing the
working capital loan previously provided to the Partnership by Angeles Capital
Investments, Inc. ("ACII"). Angeles Corporation ("Angeles")is the 99% limited
partner of AAP and Angeles Acceptance Directives, Inc.("AAD"), an affiliate of
the General Partner, was, until April 14, 1995, the 1% general partner of AAP.
On April 14, 1995, as part of a settlement of claims between affiliates of the
General Partner and Angeles, AAD resigned as general partner of AAP and
simultaneously received a 1/2% limited partner interest in AAP. An affiliate of
Angeles now serves as the general partner of AAP. Total indebtedness was
approximately $446,000 at September 30, 1996 and 1995, with monthly interest
only payments at prime plus 2%. Principal is to be paid the earlier of i) the
availability of funds, ii) the sale of one or more properties owned by the
Partnership, or iii) November 25, 1997. Total interest expense for this loan
was $34,000 and $36,000 for the nine months ended September 30, 1996 and 1995,
respectively.
Angeles Mortgage Investment Trust ("AMIT"), a real estate investment trust,
formerly affiliated with Angeles, has provided first trust financing secured
by the Partnership's investment property, LaSalle Warehouse. Total indebtedness
was $911,000 at September 30, 1996 and 1995. In addition, AMIT made a loan to
Mesa Dunes, Wakonda and Town & Country Partners ("Mesa Dunes") secured by the
Mesa Dunes real properties known as Mesa Dunes Mobile Home Park, Wakonda
Shopping Center and Town & Country Shopping Center. Total indebtedness was
approximately $3,441,000 and $3,454,000 at September 30, 1996 and September 30,
1995, respectively. Total interest expense on both loans was $337,000 and
$329,000 for the nine months ended September 30, 1996 and 1995, respectively.
MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT. MAE GP has the option to convert these Class
B Shares, in whole or in part, into Class A Shares on the basis of 1 Class A
Share for every 49 Class B Shares. These Class B Shares entitle MAE GP to
receive 1.2% of the distributions of net cash distributed by AMIT. These Class
B Shares also entitle MAE GP to vote on the same basis as Class A Shares which
allows MAE GP to vote approximately 37% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1.2% of the vote).
Between the date of acquisition of these shares (November 24, 1992) and March
31, 1995, MAE GP declined to vote these shares. Since that date, MAE GP voted
its shares at the 1995 annual meeting in connection with the election of
trustees and other matters. MAE GP has not exerted, and continues to decline to
exert, any management control over or participate in the management of AMIT.
However, MAE GP may choose to vote these shares as it deems appropriate in the
future.
In addition, Liquidity Assistance, LLC, ("LAC"), an affiliate of the General
Partner and an affiliate of Insignia Financial Group, Inc., which provides
property management and partnership administration services to the Partnership,
currently owns 87,700 Class A Shares of AMIT. These Class A Shares entitle LAC
to vote approximately 2% of the total shares. The number of Class A Shares of
AMIT owned by LAC increased from 63,200 shares on September 30, 1996, to 87,700
shares as of October 22, 1996. The voting percentage also increased from 1.5%
to 2% over the same time period.
As part of a settlement of certain disputes with AMIT, MAE GP granted to AMIT an
option to acquire the Class B Shares owned by it. This option can be exercised
at the end of 10 years or when all loans made by AMIT to partnerships affiliated
with MAE GP as of November 9, 1994, (which is the date of execution of a
definitive Settlement Agreement), have been paid in full, but in no event prior
to November 9, 1997. AMIT delivered to MAE GP cash in the sum of $250,000 at
closing, which occurred April 14, 1995, as payment for the option. Upon
exercise of the option, AMIT would remit to MAE GP an additional $94,000.
Simultaneously with the execution of the option, MAE GP executed an irrevocable
proxy in favor of AMIT the result of which is MAE GP will be able to vote the
Class B Shares on all matters except those involving transactions between AMIT
and MAE GP affiliated borrowers or the election of any MAE GP affiliate as an
officer or trustee of AMIT. On those matters, MAE GP granted to the AMIT
trustees, in their capacity as trustees of AMIT, proxies with regard to the
Class B Shares instructing such trustees to vote said Class B Shares in
accordance with the vote of the majority of the Class A Shares voting to be
determined without consideration of the votes of "Excess Class A Shares" as
defined in Section 6.13 of the Declaration of Trust of AMIT.
NOTE C - MESA DUNES, WAKONDA AND TOWN & COUNTRY JOINT VENTURE
Prior to April 1, 1995, the Partnership had a 50% investment in Mesa Dunes. On
December 6, 1994, Mesa Dunes gave notice to Angeles Income Properties, Ltd. V
("AIPL V"), a California Limited Partnership and the other 50% owner in Mesa
Dunes, that the note receivable that Mesa Dunes held from AIPL V in the amount
of $5,000,000, dated September 20, 1991, and originally due on September 30,
1996, was in default because of failure to perform under the terms and
conditions of said note and security interest, including but not limited to,
failure to make interest payments. On April 1, 1995, Mesa Dunes foreclosed on
its collateral and AIPL V lost its 50% interest in Mesa Dunes. This foreclosure
dissolved the Mesa Dunes Joint Venture and Mesa Dunes Mobile Home Park, Wakonda
Shopping Center and Town & Country Shopping Center properties became 100% owned
by the Partnership.
As of April 1, 1995, the assets, liabilities, revenues and expenses of the
properties were consolidated into the Partnership and were no longer accounted
for using the equity method of accounting.
NOTE D - CONTINGENCIES
In December 1994, certain chemicals were discovered in the septic system of
LaSalle Warehouse which chemical presence appears to have been caused by one of
the present tenants (the "Tenant"). An environmental consulting firm was
engaged in January 1995 to determine the level of contamination. The
consultant's report was submitted to the Nevada Division of Environmental
Protection (NDEP). During 1995, the Partnership and the Tenant entered into a
redemption agreement whereby the Tenant has agreed to be solely responsible for
any costs associated with the clean-up of this site. On March 25, 1996, the
NDEP issued a letter to the Partnership that stated that no further action is
necessary at this site concerning the contaminant.
NOTE E - SALE OF HAWTHORNE BUSINESS WORKS
On July 23, 1996, a sales contract was executed by the General Partner for the
sale of Hawthorne Works Business Center. The sales price was $9,150,000, which
was substantially less than the $17,645,000 in debt that was secured by this
property. This indebtedness was non-recourse to the Partnership. Net sales
proceeds were used as partial satisfaction of the indebtedness secured by the
property and the unsatisfied portion resulted in a $10,467,000 extraordinary
gain on debt extinguishment to the Partnership, as well as a $3,068,000 loss on
disposition of the property.
NOTE F - CASUALTY GAIN
During 1995, a fire broke out in a warehouse space at the Hawthorne Works
Business Center damaging approximately 5,000 square feet of warehouse space.
The General Partner did not repair the damaged area and the entire amount of
insurance proceeds received, or $144,000, were sent to the mortgage holder and
applied towards the outstanding accrued interest on the debt secured by this
property.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
The Partnership's investment properties consist of three commercial properties,
three apartment complexes and two mobile home parks. The following table sets
forth the average occupancy of the properties for each of the nine months ended
September 30, 1996 and 1995:
Average
Occupancy
1996 1995
Property
Lazy Hollow Apartments
Columbia, Maryland 94% 95%
Homestead Apartments
East Lansing, Michigan 94% 94%
Whispering Pines Mobile Home Park
Lantana, Florida 96% 97%
LaSalle Warehouse
Las Vegas, Nevada 100% 100%
Casa Granada Apartments
Harlingen, Texas 94% 92%
Mesa Dunes Mobile Home Park
Mesa, Arizona (1) 87% 85%
Wakonda Shopping Center
Des Moines, Iowa (2) 90% 95%
Town & Country Shopping Center
Cedar Rapids, Iowa (3) 95% 77%
(1) Although the average occupancy at Mesa Dunes Mobile Home Park has
increased over the same period in 1995, the property continues to
experience low occupancy. The tenant base is primarily retirement
age and as the base declines, the park's electrical supply cannot
accommodate the needs of the more popular double-wide mobile homes.
Therefore, potential tenants are selecting other mobile home parks
which will accommodate the needs of double-wide homes.
(2) Wakonda Shopping Center is located in a stable, mature residential
area. Occupancy declined during the last six months of 1995, but
has remained steady in 1996. The property has had difficulty
attracting retail tenants due in part to a local enclosed mall and
lack of restaurants in the area. The property has executed lease
renewals and no new vacancies are anticipated through year-end.
(3) The increase in average occupancy at Town & Country Shopping Center
is attributed to the execution of an anchor tenant lease in
September 1995.
For the three months and nine months ended September 30, 1996, the Partnership
realized net income of approximately $6,809,000 and $6,248,000, respectively,
versus a net loss of $485,000 and net income of $1,841,000 for the three and
nine months ended September 30, 1995. The increase in net income can be
attributed to the sale of Hawthorne Business Works.
On July 23, 1996, a sales contract was executed by the General Partner for the
sale of Hawthorne Works Business Center. The sales price was $9,150,000, which
was substantially less than the $17,645,000 in debt that was secured by this
property. This indebtedness was non-recourse to the Partnership. Net sales
proceeds were used as partial satisfaction of the indebtedness secured by the
property and the unsatisfied portion resulted in a $10,467,000 extraordinary
gain on debt extinguishment to the Partnership, as well as a $3,068,000 loss on
disposition of the property.
As mentioned previously, effective April 1, 1995, Mesa Dunes Mobile Home Park,
Wakonda Shopping Center and Town & Country Shopping Center were consolidated
into the Partnership and are no longer accounted for using the equity method of
accounting. The consolidation of Mesa Dunes Mobile Home Park, Wakonda Shopping
Center, and Town & Country Shopping Center with the Partnership in 1995 resulted
in increases in rental and other income along with increases in operating,
maintenance, depreciation, interest, property taxes and bad debt expense for the
nine months ended September 30, 1996, versus the nine months ended September 30,
1995. Although the consolidation of the Mesa Dunes properties accounted for
the majority of the increases in revenues and expenses, there were other
fluctuations, as discussed below. Operating expenses have increased due to an
increase collections expense, professional expense, and advertising expense.
Whispering Pines Mobile Home Park has hired a part-time collections employee to
collect past due rents, which continues to be a problem at this property. The
property also hired a courtesy patrol for increased security. Professional
expenses, such as legal and engineering consulting, have increased due to the
Hawthorne Works Business Center fire suppression system deficiencies, eviction
proceeds for a major tenant at Hawthorne Works Business Center and evictions at
Whispering Pines Mobile Home Park. Advertising expenses have increased at Mesa
Dunes Mobile Home Park in an effort to increase occupancy. Bad debt expense
increased due to certain tenant receivables which were deemed uncollectible at
Hawthorne Works Business Center, Wakonda Shopping Center and Whispering Pines
Mobile Home Park.
During 1995, a fire broke out in a warehouse space at the Hawthorne Works
Business Center damaging approximately 5,000 square feet of warehouse space.
The General Partner has not and does not intend to repair the damaged area and
the entire amount of insurance proceeds received, or $144,000, were sent to the
mortgage holder and applied towards the outstanding accrued interest on the debt
secured by this property.
As mentioned previously, until April 1, 1995, the Partnership accounted for its
50% interest in Mesa Dunes using the equity method of accounting. For the nine
months ended September 30, 1995, the Partnership's share of Mesa Dunes earnings
amounted to approximately $2,894,000. Of this amount, approximately $2,825,000
represented the Partnership's pro-rata share of bad debt recovery that Mesa
Dunes recorded as a result of its foreclosure of the note receivable that Mesa
Dunes held from AIPL V.
The General Partner continues to monitor the rental market environment at each
of its investment properties to assess the feasibility of increasing rents to
maintain or increase the occupancy level and to protect the Partnership from
increases in expenses. The General Partner expects to be able, at a minimum, to
continue protecting the Partnership from inflation-related increases in expenses
by increasing rents and maintaining a high overall occupancy level. However,
rental concessions and rental reductions needed to offset softening market
conditions could affect the ability to sustain such a plan.
At September 30, 1996, the Partnership had unrestricted cash of $1,793,000
versus unrestricted cash of approximately $1,421,000 at September 30, 1995. Net
cash used in operating activities decreased during the nine months ended
September 30, 1996, as compared to the nine months ended September 30, 1995, due
to an increase in accounts payable and other liabilities. Net cash used in
investing activities increased due to the proceeds received from foreclosure in
1995 offset by the decrease in property improvements and replacements and
insurance proceeds received at Hawthorne Business Works. Net cash provided by
financing activities increased due to proceeds from the August 1996 sale of
Hawthorne Business Works.
The first mortgage debt secured by LaSalle Warehouse, in the amount of $911,000,
is in default at September 30, 1996, due to delinquent interest payments. The
General Partner is currently negotiating with the lender, AMIT, regarding this
delinquency and is hopeful that this default will be cured in the fourth quarter
of 1996. However, there can be no assurances that such negotiations will be
successful.
Currently, the General Partner is negotiating a refinance of the mortgages
secured by Homestead Apartments, which total approximately $2,947,000 at
September 30, 1996. The General Partner is negotiating a reduced interest rate
and an extended maturity date, however, the outcome of such negotiations can not
presently be determined.
The Partnership has no material capital programs scheduled to be performed in
1996, although certain routine capital expenditures and maintenance expenses
have been budgeted. These capital expenditures and maintenance expenses will be
incurred only if cash is available from operations or is received from the
capital reserve account.
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 various properties to adequately maintain the
physical assets, meet mortgage obligations, and other operating needs of the
Partnership. Such assets are currently thought to be sufficient for any near-
term needs of the Partnership. The debt of the Partnership, in the amount of
approximately $24,812,000 has maturity dates ranging from January 1997 to July
2019. Future cash distributions will depend on the levels of net cash generated
from operations, refinancings, property sales, and the availability of cash
reserves. There were no cash distributions during the nine month periods ended
September 30, 1996 or 1995.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Angeles, either directly or through an affiliate, maintained a central
disbursement account (the "account") for the properties and partnerships managed
by Angeles and its affiliates, including the Registrant. Angeles caused the
Partnership to make deposits to the account ostensibly to fund the payment of
certain obligations of the Partnership. Angeles further caused checks on such
account to be written to or on behalf of certain other partnerships. At least
$12,206 deposited by or on behalf of the Partnership was used for purposes other
than satisfying the liabilities of the Partnership. Accordingly, the
Partnership filed a Proof of Claim in the Angeles bankruptcy proceedings for
such amount. However, subsequently, the General Partner of the Partnership has
determined that the cost involved to pursue such claim would likely exceed any
amount received, if in fact such claim were to be resolved in favor of the
Partnership. Therefore, the Partnership withdrew this claim on
August 9, 1995.
The Registrant is unaware of any other pending or outstanding litigation that is
not of a routine nature. The General Partner of the Registrant 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:
A form 8-K was filed on August 28, 1996, reporting the sale of
Hawthorne Works Business Center which was owned by Cable Plant Joint
Venture and CM Complex Joint Venture in both of which the Partnership
owned a 99% general partnership interest.
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.
ANGELES INCOME PROPERTIES, LTD. 6
By: Angeles Realty Corporation II
General Partner
By: /s/Carroll D. Vinson
Carroll D. Vinson
President
By: /s/Robert D. Long
Robert D. Long
Vice President/CAO
Date: November 12, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Angeles
Income Properties Ltd. 6 1996 Third Quarter 10-QSB and is qualified in its
entirety by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000812564
<NAME> ANGELES INCOME PROPERTIES LTD. 6
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 1,793
<SECURITIES> 0
<RECEIVABLES> 229
<ALLOWANCES> 175
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 36,560
<DEPRECIATION> 7,577
<TOTAL-ASSETS> 32,941
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 24,812
0
0
<COMMON> 0
<OTHER-SE> 6,607
<TOTAL-LIABILITY-AND-EQUITY> 32,941
<SALES> 0
<TOTAL-REVENUES> 7,597
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 8,892
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,064
<INCOME-PRETAX> 6,248
<INCOME-TAX> 0
<INCOME-CONTINUING> 6,248
<DISCONTINUED> 0
<EXTRAORDINARY> 10,467
<CHANGES> 0
<NET-INCOME> 6,248
<EPS-PRIMARY> 0<F2>
<EPS-DILUTED> 0
<FN>
<F1>Registrant has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>
</TABLE>
