FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER
SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
QUARTERLY OR TRANSITIONAL REPORT
U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 1998
[ ] 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 (I.R.S. Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
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, 1998
Assets
Cash and cash equivalents $ 2,618
Receivables and deposits (net of
allowance of $126) 937
Restricted escrows 303
Other assets 705
Investment properties:
Land $ 5,944
Buildings and related personal property 30,541
36,485
Less accumulated depreciation (9,165) 27,320
$ 31,883
Liabilities and Partners' Capital (Deficit)
Liabilities:
Accounts payable $ 161
Tenant security deposit liabilities 113
Accrued property taxes 442
Other liabilities 442
Mortgage notes payable 23,227
Partners' Capital (Deficit):
General partner's $ (330)
Limited partners' (47,314 units issued
and outstanding) 7,828 7,498
$ 31,883
See Accompanying Notes to Consolidated Financial Statements
b)
ANGELES INCOME PROPERTIES, LTD. 6
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Six Months
Ended June 30, Ended June 30,
1998 1997 1998 1997
Revenues:
Rental income $ 1,846 $ 1,797 $ 3,663 $ 3,631
Other income 114 127 252 270
Total revenues 1,960 1,924 3,915 3,901
Expenses:
Operating 846 677 1,525 1,445
General and administrative 114 98 218 191
Depreciation 262 256 515 510
Interest 503 562 1,005 1,258
Property tax 193 212 388 425
Bad debt (recovery)
expense, net (1) 52 46 22
Total expenses 1,917 1,857 3,697 3,851
Net income $ 43 $ 67 $ 218 $ 50
Net income allocated to
general partner (1%) $ -- $ 1 $ 2 $ 1
Net income allocated to
limited partners (99%) 43 66 216 49
$ 43 $ 67 $ 218 $ 50
Net income per limited
partnership unit $ .90 $ 1.40 $ 4.56 $ 1.04
See Accompanying Notes to Consolidated Financial Statements
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, 1997 47,314 $ (332) $ 7,612 $ 7,280
Net income for the six months
ended June 30, 1998 -- 2 216 218
Partners' (deficit) capital at
June 30, 1998 47,314 $ (330) $ 7,828 $ 7,498
<FN>
See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>
d)
ANGELES INCOME PROPERTIES, LTD. 6
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Six months ended
June 30,
1998 1997
<S> <C> <C>
Cash flows from operating activities:
Net income $ 218 $ 50
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 515 510
Amortization of mortgage discounts, loan costs,
and leasing commissions 72 85
Bad debt expense 46 22
Change in accounts:
Receivables and deposits (20) (3)
Other assets 42 (16)
Accounts payable 82 (94)
Tenant security deposit liabilities 14 (2)
Accrued property taxes 93 118
Other liabilities 50 265
Net cash provided by operating activities 1,112 935
Cash flows from investing activities:
Property improvements and replacements (262) (110)
Net (deposits to) withdrawals from restricted escrows (14) 16
Net cash used in investing activities (276) (94)
Cash flows used in financing activities:
Payments on mortgage notes payable (159) (147)
Net increase in cash and cash equivalents 677 694
Cash and cash equivalents at beginning of period 1,941 1,852
Cash and cash equivalents at end of period $ 2,618 $ 2,546
Supplemental disclosure of cash flow information:
Cash paid for interest $ 950 $ 977
Supplemental disclosure of non-cash financing activities:
Interest on notes payable transferred to principal $ -- $ 423
<FN>
See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>
e)
ANGELES INCOME PROPERTIES, LTD. 6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of Angeles Income
Properties, Ltd. 6 (the "Partnership") 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 ("ARC II" or 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 six month periods ended June 30, 1998, are not necessarily indicative
of the results that may be expected for the fiscal year ending December 31,
1998. For further information, refer to the consolidated financial statements
and footnotes thereto included in the Partnership's annual report on Form 10-KSB
for the fiscal year ended December 31, 1997.
Certain reclassifications have been made to the 1997 information to conform to
the 1998 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 General Partner is wholly-owned by Insignia Properties Trust ("IPT"), an
affiliate of Insignia Financial Group, Inc. ("Insignia"). The Partnership
Agreement provides for certain payments to affiliates for services and as
reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership.
The following payments were made to the General Partner and affiliates during
each of the six month periods ended June 30, 1998 and 1997 (in thousands):
1998 1997
Property management fees (included in
operating expenses) $ 180 $ 171
Property lease commissions (included in other
assets and operating expenses) 16 17
Reimbursements for services of affiliates
(included in operating and general and
administrative expenses) 141 119
For the period from January 1, 1997 to August 31, 1997, the Partnership insured
its properties under a master policy through an agency affiliated with the
General Partner but with an 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 master policy. The agent assumed the financial
obligations to the affiliate of the General Partner which received payment on
these obligations from the agent. The amount of the Partnership's insurance
premiums that accrued to the benefit of the affiliate of the General Partner
by virtue of the agent's obligations was not significant.
In November 1992, Angeles Acceptance Pool ("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"), which is wholly-
owned by IPT, 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. This loan matured November
25, 1997, and was fully satisfied with the payment of the principal balance of
approximately $446,000 plus accrued interest of approximately $208,000.
Angeles Mortgage Investment Trust ("AMIT"), a real estate investment trust,
formerly affiliated with Angeles, had provided first trust financing secured by
the Partnership's investment property, LaSalle Warehouse. Total indebtedness was
approximately $911,000 plus accrued interest of approximately $252,000 at
December 31, 1996. This debt was in default at December 31, 1996, due to non-
payment of interest when due. During 1997, this note was restructured, and
previously accrued interest of approximately $423,000 was added to the principal
balance. In October 1997, LaSalle Warehouse was sold, and the mortgage balance
of approximately $1,334,000 was paid from the sales proceeds and other
Partnership funds. 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 $3,366,000 at June 30,
1998. Total interest expense on this financing was approximately $164,000 and
$150,000 for the six months ended June 30, 1998 and 1997, respectively.
In November 1992, MAE GP acquired 1,675,113 Class B Common Shares of AMIT. The
terms of the Class B shares provide that they are convertible, in whole or in
part, into Class A Common Shares of AMIT on the basis of one Class A Share for
every 49 Class B Shares (however, in connection with the settlement agreement
described in the following paragraph, MAE GP agreed not to convert the Class B
Shares so long as AMIT's option is outstanding). These Class B Shares entitle
the holder to receive 1% of the distributions of net cash distributed by AMIT
(however, in connection with the settlement agreement described in the following
paragraph, MAE GP agreed to waive its right to receive dividends and
distributions so long as AMIT's option is outstanding). The holder of the Class
B Shares is also entitled to vote on the same basis as the holders of Class A
Shares, providing the holder with approximately 39% of the total voting power of
AMIT (unless and until converted to Class A shares, in which case the percentage
of the vote controlled represented by such shares would approximate 1.3% of the
total voting power of AMIT).
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 which were
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. In connection with
such settlement, AMIT delivered to MAE GP cash in the sum of $250,000 at closing
(which occurred April 14, 1995), as payment for the option. If and when the
option is exercised, AMIT will be required to remit to MAE GP an additional
$94,000.
Simultaneously with the execution of the option and as part of the settlement,
MAE GP also executed an irrevocable proxy in favor of AMIT, which provides that
the holder of the Class B Shares is permitted to vote those 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. With respect to such matters, the trustees of AMIT are required to vote
(pursuant to the irrevocable proxy) the Class B Shares (as a single block) in
the same manner as a majority of the Class A Shares are voted (to be determined
without consideration of the votes of "Excess Class A Shares" (as defined in
Section 6.13 of AMIT's Declaration of Trust)).
Between its acquisition of the Class B Shares (in November 1992) and March 31,
1995, MAE GP declined to vote these shares. Since that date, MAE GP voted its
shares at the 1995 and 1996 annual meetings in connection with the election of
trustees and other matters. In February 1998, MAE GP was merged into IPT, and in
connection with that merger, MAE GP dividended all of the Class B Shares to its
sole stockholder, Metropolitan Asset Enhancement, L.P. ("MAE"). As a result,
MAE, as the holder of the Class B Shares, is now subject to the terms of the
settlement agreement, option and irrevocable proxy described in the two
preceding paragraphs. Neither MAE GP nor MAE has exerted or has any current
intention to exert any management control over or participate in the management
of AMIT. However, subject to the terms of the proxy described below, MAE may
choose to vote the Class B Shares or otherwise exercise its rights as a
shareholder of AMIT as it deems appropriate in the future.
Liquidity Assistance L.L.C., which is an affiliate of the General Partner, MAE
and Insignia (which provides property management and partnership administration
services to the Partnership), owned 96,800 Class A Shares of AMIT at June 30,
1998. These Class A Shares represent approximately 2.2% of the total voting
power of AMIT.
On April 3, 1997, Insignia and AMIT entered into a non-binding agreement in
principle contemplating, among other things, a business combination of AMIT and
IPT, which was then owned 98% by Insignia and its affiliates. On July 18, 1997,
IPT, Insignia and MAE GP entered into a definitive merger agreement pursuant to
which (subject to shareholder approval and certain other conditions, including
the receipt by AMIT of a fairness opinion from its investment bankers) AMIT
would be merged with and into IPT, with each Class A Share and Class B Share
being converted into 1.625 and 0.0332 common shares of IPT, respectively. The
foregoing exchange ratios are subject to adjustment to account for dividends
paid by AMIT from January 1, 1997, and dividends paid by IPT from February 1,
1997. It is anticipated that Insignia and its affiliates (including MAE) would
own approximately 57% of post-merger IPT if this transaction is consummated.
On March 17, 1998, Insignia entered into an agreement to merge its national
residential property management operations, and its controlling interest in IPT,
with Apartment Investment and Management Company ("AIMCO"), a publicly traded
real estate investment trust. The closing, which is anticipated to happen in
September or October of 1998, is subject to customary conditions, including
government approvals and the approval of Insignia's shareholders. If the
closing occurs, AIMCO will then control the General Partner of the Partnership.
NOTE C - RESTRUCTURE OF DEBT SECURED BY LASALLE WAREHOUSE
The General Partner successfully negotiated a restructure of the mortgage
indebtedness to AMIT, which was secured by the LaSalle Warehouse, during the
first quarter of 1997. The terms of the restructure included adding previously
accrued interest of $423,000 to the principal balance, interest accruing at the
rate of 11.5% per annum and the note being due December 31, 2003. Additionally,
AMIT was granted a second mortgage on the Wakonda Shopping Center and the Town &
Country Shopping Center as additional security on this loan. On October 8,
1997, LaSalle Warehouse was sold, and the mortgage balance of approximately
$1,334,000 was paid from the sales proceeds and other Partnership funds.
NOTE D - SALE OF INVESTMENT PROPERTY
On July 16, 1998, the Partnership sold Whispering Pines Mobile Home Park to an
unaffiliated third party, Hometown America, L.L.C., a South Carolina limited
liability company, for net sales proceeds of approximately $1,935,000 after
payoff of the first and second mortgages and payment of closing costs. The
Partnership anticipates realizing a gain of approximately $2,995,000 on the sale
during the third quarter of 1998. The Partnership anticipates realizing a loss
on the early extinguishment of debt encumbering Whispering Pines Mobile Home
Park of approximately $229,000 during the third quarter of 1998.
The sales transactions are summarized as follows (amounts in thousands):
Net sale price, net of selling costs $ 6,961
Net real estate (1) (3,966)
Net other liabilities --
Gain on sale of real estate $ 2,995
(1) Net of accumulated depreciation of approximately $1,087,000.
The following unaudited pro-forma information reflects the operations of the
Partnership for the six months ended June 30, 1998 and 1997, as if Whispering
Pines Mobile Home Park had been sold January 1, 1997.
1998 1997
(in thousands, except per unit data)
Revenues $ 3,331 $ 3,371
Net income 219 141
Income per limited partnership unit 4.58 2.95
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
The Partnership's investment properties consist of two 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, 1998 and 1997:
Average
Occupancy
Property 1998 1997
Lazy Hollow Apartments
Columbia, Maryland (1) 97% 91%
Homestead Apartments
East Lansing, Michigan 91% 91%
Whispering Pines Mobile Home Park
Lantana, Florida 95% 95%
Casa Granada Apartments
Harlingen, Texas 92% 91%
Mesa Dunes Mobile Home Park
Mesa, Arizona 91% 91%
Wakonda Shopping Center
Des Moines, Iowa 86% 83%
Town & Country Shopping Center
Cedar Rapids, Iowa 83% 86%
(1) The increase in occupancy at Lazy Hollow Apartments is due to increased
marketing efforts.
The Partnership realized net income of approximately $218,000 for the six month
period ended June 30, 1998, compared to net income of approximately $50,000 for
the comparable period in 1997. For the three months ended June 30, 1998 and
1997, the Partnership realized net income of approximately $43,000 and $67,000,
respectively. The increase in net income is largely the result of the sale of
LaSalle Warehouse in the fourth quarter of 1997. This property had a net loss of
approximately $179,000 for the six months ended June 30, 1997. For the remaining
properties, net income had a slight decrease for the six month period ended June
30, 1998, versus the comparable period in 1997. The decrease in net income at
the Partnership's remaining properties is the result of an increase in operating
expenses, especially common area expenses. Common area expenses increased due to
parking lot repairs at the Wakonda Shopping Center. Partially offsetting the
increase in operating expenses was an increase in rental income resulting from
rental rate increases at the Partnership's residential properties and the
improved occupancy at Lazy Hollow as noted above. The decrease in net income for
the three months ended June 30, 1998, is attributable to the changes highlighted
above.
Included in operating expense for the six months ended June 30, 1998, is
approximately $35,000 of major repairs and maintenance, mainly comprised of
exterior painting and building improvements. For the six months ended June 30,
1997, operating expense included approximately $27,000 of major repairs and
maintenance, mainly comprised of exterior building improvements, major
landscaping, and pool repairs.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of each of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses. As part of
this plan, the General Partner attempts to protect the Partnership from the
burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level. However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
General Partner will be able to sustain such a plan.
At June 30, 1998, the Partnership held cash and cash equivalents of
approximately $2,618,000 as compared to approximately $2,546,000 at June 30,
1997. The net increase in cash and cash equivalents for the six month periods
ended June 30, 1998 and 1997, was approximately $677,000 and $694,000,
respectively. Net cash provided by operating activities increased due to the
sale of LaSalle Warehouse in the fourth quarter of 1997 which produced an
operating loss in 1997. A decrease in other assets and an increase in accounts
payable contributed to the increase in cash provided by operating activities.
The decrease in other assets is the result of a change in the timing of prepaid
taxes. The increase in cash from accounts payable is the result of the timing
of payments. Partially offsetting these increases was a decrease in other
liabilities. The decrease in other liabilities is the result of a change in the
timing of payments on accrued expenses. Net cash used in investing activities
increased due to increased capital improvement and replacement expenditures. Net
cash used in financing activities remained relatively stable.
On July 16, 1998, the Partnership sold Whispering Pines Mobile Home Park to an
unaffiliated third party, Hometown America, L.L.C., a South Carolina limited
liability company, for net sales proceeds of approximately $1,935,000 after
payoff of the first and second mortgages and payment of closing costs. The
Partnership anticipates realizing a gain of approximately $2,995,000 on the sale
during the third quarter of 1998. The Partnership anticipates realizing a loss
on the early extinguishment of debt encumbering Whispering Pines Mobile Home
Park of approximately $229,000 during the third quarter of 1998.
During the first quarter of 1997, the mortgage debt secured by LaSalle Warehouse
was restructured. As part of the restructure, the Partnership allowed AMIT a
second mortgage on the Wakonda Shopping Center and the Town & Country Shopping
Center. On October 8, 1997, LaSalle Warehouse was sold to an unaffiliated third
party. The sales price of the property was $1,300,000. The sale resulted in net
proceeds of approximately $1,229,000 after payment of closing costs. At the time
of closing, the outstanding mortgage balance of approximately $1,334,000 was
repaid from the net proceeds and other Partnership funds. The Partnership
recorded a gain on disposition of property of approximately $692,000 as well as
an extraordinary loss on early extinguishment of debt of approximately $21,000
related to the write off of unamortized loan costs.
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. At June 30, 1998, the mortgage indebtedness of
approximately $23,227,000 has maturity dates ranging from September 1999 to July
2019. The General Partner is currently evaluating the feasibility of the sale
of Mesa Dunes Mobile Home Park. 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 months ended June 30, 1998 or 1997.
Year 2000
The Partnership is dependent upon the General Partner and Insignia for
management and administrative services. Insignia has completed an assessment
and will have to modify or replace portions of its software so that its computer
systems will function properly with respect to dates in the year 2000 and
thereafter (the "Year 2000 Issue"). The project is estimated to be completed
not later than December 31, 1998, which is prior to any anticipated impact on
its operating systems. The General Partner believes that with modifications to
existing software and conversions to new software, the Year 2000 Issue will not
pose significant operational problems for its computer systems. However, if such
modifications and conversions are not made, or are not completed timely, the
Year 2000 Issue could have a material impact on the operations of the
Partnership.
Other
Certain items discussed in this quarterly report may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 (the "Reform Act") and as such may involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Partnership to be materially different from any future
results, performance or achievements expressed or implied by such forward-
looking statements. Such forward-looking statements speak only as of the date
of this quarterly report. The Partnership expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Partnership's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled ROSALIE NUANES, ET AL. V. INSIGNIA
FINANCIAL GROUP, INC., ET AL. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the General Partner and several of their affiliated
partnerships and corporate entities. The complaint purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia and its affiliates of
interests in certain general partner entities, past tender offers by Insignia
affiliates as well as a recently announced agreement between Insignia and AIMCO.
The complaint seeks monetary damages and equitable relief, including judicial
dissolution of the Partnership. On June 25, 1998, the General Partner filed a
motion seeking dismissal of the action. In lieu of responding to the motion,
the plaintiffs have filed an amended complaint. The General Partner believes
the action to be without merit, and intends to vigorously defend it.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature. The General Partner 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, 1998.
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 and Chief
Accounting Officer
Date: August 12, 1998
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
Angeles Income Properties, Ltd. 6 1998 Second Quarter 10-QSB and is
qualified in its entirety by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000812564
<NAME> ANGELES INCOME PROPETIES, LTD. 6
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 2,618
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 36,485
<DEPRECIATION> 9,165
<TOTAL-ASSETS> 31,883
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 23,227
0
0
<COMMON> 0
<OTHER-SE> 7,498
<TOTAL-LIABILITY-AND-EQUITY> 31,883
<SALES> 0
<TOTAL-REVENUES> 3,915
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,692
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,005
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 218
<EPS-PRIMARY> 4.56<F2>
<EPS-DILUTED> 0
<FN>
<F1>Registrant has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>
</TABLE>
