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 June 30, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT
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 (803) 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)
June 30, 1996
Assets
Cash and cash equivalents:
Unrestricted $ 1,934
Restricted--tenant security deposits 216
Accounts receivable, net of an allowance of $912 285
Escrow for taxes 762
Restricted escrows 359
Other assets 1,084
Investment properties:
Land $ 7,616
Buildings and related personal property 44,697
52,313
Less accumulated depreciation (11,590) 40,723
$ 45,363
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 162
Tenant security deposits 247
Accrued taxes 1,236
Other liabilities 1,398
Notes payable, including $18,556 in default 42,522
Partners'(Deficit) Capital
General partner $ (407)
Limited partners (47,377 units issued
outstanding) 205 (202)
$ 45,363
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 Six Months Ended
June 30, June 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 2,297 $ 2,482 $ 5,015 $ 4,341
Other income 110 113 261 151
Total revenues 2,407 2,595 5,276 4,492
Expenses:
Operating 793 797 1,641 1,461
General and administrative 100 84 177 187
Maintenance 236 250 460 389
Depreciation 382 385 759 652
Interest 1,013 1,053 2,033 1,872
Property taxes 294 333 680 602
Bad debt expense (recovery), net 210 (12) 231 (112)
Total expenses 3,028 2,890 5,981 5,051
Loss before loss on
disposal of property, casualty
gain and equity in income
from joint venture (621) (295) (705) (559)
Loss on disposal of
property -- (9) -- (9)
Casualty gain 144 -- 144 --
Equity in income from
joint venture -- 2,825 -- 2,895
Net (loss) income $ (477) $ 2,521 $ (561) $ 2,327
Net (loss) income allocated
to general partner (1%) $ (5) $ 25 $ (6) $ 23
Net (loss) income allocated
to limited partners (99%) (472) 2,496 (555) 2,304
Net (loss) income $ (477) $ 2,521 $ (561) $ 2,327
Net (loss) income per limited
partnership unit $ (9.96) $ 52.68 $(11.71) $ 48.63
<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 Partner 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 loss for the six months
ended June 30, 1996 -- (6) (555) (561)
Partners' (deficit) capital at
June 30, 1996 47,377 $ (407) $ 205 $ (202)
<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>
Six Months Ended
June 30,
1996 1995
<S> <C> <C>
Cash flows from operating activities:
Net (loss) income $ (561) $ 2,327
Adjustments to reconcile net (loss) income to
net cash provided by (used in) operating
activities:
Depreciation 759 652
Amortization of discounts, loan costs 114 108
and leasing commissions
Loss on disposal of property -- 9
Bad debt expense (recovery), net 231 (112)
Casualty gain (144) --
Equity in income from joint venture -- (2,895)
Change in accounts:
Restricted cash (6) (31)
Accounts receivable (77) 179
Escrows for taxes (245) (494)
Other assets 36 (72)
Accounts payable (92) (408)
Tenant security deposit liabilities (5) 62
Accrued taxes 347 365
Other liabilities 352 161
Net cash provided by (used in)
operating activities 709 (149)
Cash flows from investing activities:
Property improvements and replacements (244) (526)
Deposits to restricted escrows (22) (22)
Withdrawals from restricted escrows 75 104
Insurance proceeds 144 --
Proceeds received from foreclosure -- 876
Net cash (used in) provided by
investing activities (47) 432
Cash flows from financing activities:
Proceeds from long-term borrowing -- 704
Payments on notes payable (175) (92)
Net cash (used in) provided by
financing activities (175) 612
Net increase in cash 487 895
Cash at beginning of period 1,447 694
Cash at end of period $ 1,934 $ 1,589
Supplemental disclosure of cash flow information:
Cash paid for interest $ 1,601 $ 1,743
Interest on notes transferred to principal $ -- $ 86
<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 the General Partner, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included. Operating results for the six month period ended June 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 six months ended June 30, 1996 and 1995:
1996 1995
(in thousands)
Property management fees $ 228 $ 198
Reimbursement for services of affiliates 125 176
Property lease commissions 1 --
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
$446,000 at June 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 $23,000 and $24,000
for the six months ended June 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 June 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 $3,441,000
and $3,467,000 at June 30, 1996 and June 30, 1995, respectively. Total interest
expense on this financing was $216,000 and $237,000 for the six months ended
June 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).
Note B - Transactions with Affiliated Parties (continued)
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,
owns 63,200 Class A Shares of AMIT. These Class A Shares entitle LAC to vote
approximately 1.5% of the total shares.
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
remediation 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 - Subsequent Event
On July 23, 1996, a sales contract was executed by the General Partner for the
sale of Hawthorne Works Business Center. The sales price is $9,150,000, which
is substantially less than the $17,645,000 in debt that is secured by this
property. This indebtedness is non-recourse to the Partnership. All proceeds
from the sale will be used as partial satisfaction of the indebtedness secured
by the property and the unsatisfied portion will result in an extraordinary gain
on debt forgiveness to the Partnership. The General Partner anticipates that
the sale will close in the third quarter of 1996, however, no assurances can be
given that this will occur.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
The Partnership's investment properties consist of four 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 six months ended
June 30, 1996 and 1995:
Average
Occupancy
Property 1996 1995
Lazy Hollow Apartments
Columbia, Maryland 93% 94%
Homestead Apartments
East Lansing, Michigan 95% 93%
Whispering Pines Mobile Home Park
Lantana, Florida 97% 98%
Hawthorne Works Business Center
Chicago, Illinois 73% 70%
LaSalle Warehouse
Las Vegas, Nevada 100% 100%
Casa Granada Apartments
Harlingen, Texas 93% 92%
Mesa Dunes Mobile Home Park
Mesa, Arizona 89% 85%
Wakonda Shopping Center
Des Moines, Iowa 89% 95%
Town & Country Shopping Center
Cedar Rapids, Iowa 98% 79%
Low occupancy has continued to be a concern at the Hawthorne Works Business
Center. Subsequent to June 30, 1996, the General Partner executed a sales
contract for the sale of this property for $9,150,000 (see "Note E" for further
discussion).
Although the average occupancy at Mesa Dunes Mobile Home Park has increased 4%
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.
Wakonda Shopping Center is located in a stable, mature residential area.
Occupancy has declined since June 30, 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.
For the three months and six months ended June 30, 1996, the Partnership
realized net losses of $477,000 and $561,000, respectively, versus net income of
$2,521,000 and $2,327,000 for the three and six months ended June 30, 1995. The
decrease in net income can be attributed to the equity in income from Mesa Dunes
during 1995 (see discussion below and at "Note C").
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 and property tax expense for the six months
ended June 30, 1996, versus the six months ended June 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 collections expenses,
professional expenses, and advertising expenses. 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. Maintenance expense increased during
the six months ended June 30, 1996, versus the six months ended June 30, 1995,
due to contract repairs at Whispering Pines Mobile Home Park from water main
breaks and grounds improvements. Also, Lazy Hollow Apartments had increased
snow removal costs at the property due to harsh winter weather. 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 six
months ended June 30, 1995, the Partnership's share of Mesa Dunes earnings
amounted to $2,895,000. Of this amount, $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 June 30, 1996, the Partnership had unrestricted cash of $1,934,000 versus
unrestricted cash of $1,589,000 at June 30, 1995. Net cash from operating
activities increased during the six months ended June 30, 1996, as compared to
the six months ended June 30, 1995, due to the decreased net loss and increased
accounts payable and other liabilities. Net cash from investing activities
decreased due to the proceeds received from the foreclosure of Mesa Dunes during
1995. No such proceeds were received in 1996. Net cash from financing
activities decreased due to no proceeds from long-term borrowing in 1996 as in
1995.
During the fourth quarter of 1994, the Partnership refinanced the first and
second mortgage notes which encumber the Hawthorne Works Business Center. The
refinancing included $303,000 to establish tax and insurance and tenant
improvement escrows. In addition, accrued interest of $741,000 was added to the
principal balances of the new mortgage notes. During 1995, the mortgage holder
again funded the escrow for tenant improvements and leasing commissions and as a
result, added $704,000 to the principal balance of the first mortgage. Accrued
interest of $110,000 was also added to the second mortgage during 1995. The
refinanced notes matured December 31, 1995, and are in default as of that date
due to non-payment at maturity. Total non-recourse debt and accrued interest in
default is $18,263,000 at June 30, 1996. A sales contract was executed for the
sale of Hawthorne Works Business Center subsequent to June 30, 1996. The sales
price of $9,150,000 will be used to pay down the debt and related accrued
interest in default, after the payment of closing costs (see "Note E" for
further discussion).
The first mortgage debt secured by LaSalle Warehouse, in the amount of $911,000,
is in default at June 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 third 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 $2,953,000 at June 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 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, excluding the debt
in default, in the amount of $23,966,000 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 six
month periods ended June 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:
None filed during the quarter ended June 30, 1996.
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: August 7, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Angeles
Income Properties, Ltd. 6 1996 Second 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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 1,934
<SECURITIES> 0
<RECEIVABLES> 285
<ALLOWANCES> 912
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 52,313
<DEPRECIATION> 11,590
<TOTAL-ASSETS> 45,363
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 42,522
0
0
<COMMON> 0
<OTHER-SE> (202)
<TOTAL-LIABILITY-AND-EQUITY> 45,363
<SALES> 0
<TOTAL-REVENUES> 5,276
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5,981
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,033
<INCOME-PRETAX> (561)
<INCOME-TAX> 0
<INCOME-CONTINUING> (561)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (561)
<EPS-PRIMARY> (11.71)<F2>
<EPS-DILUTED> 0
<FN>
<F1>The Registrant has an unclassified balance sheet.
<F2>Multipler is 1.
</FN>
</TABLE>
