<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended March 31, 2000 or
----------------------------------------------
[_] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from__________________ to __________________
Commission file number 0-23656
--------------------------------------------------------
Wells Real Estate Fund VI, L.P.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-2022628
- ----------------------------- -----------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification no.)
3885 Holcomb Bridge Road, Norcross, Georgia 30092
- ---------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (770) 449-7800
--------------
____________________________________________________________________________
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark 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___
------
1
<PAGE>
Form 10-Q
---------
Wells Real Estate Fund VI, L.P.
-------------------------------
INDEX
-----
<TABLE>
<CAPTION>
Page No.
--------
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets - March 31, 2000
and December 31, 1999 ............................................................. 3
Statements of Income for the Three Months
Ended March 31, 2000 and 1999 ..................................................... 4
Statement of Partners' Capital
for the Year Ended December 31, 1999,
and the Three Months Ended March 31, 2000 ......................................... 5
Statements of Cash Flows for the Three Months
Ended March 31, 2000 and 1999 ..................................................... 6
Condensed Notes to Financial Statements ............................................ 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations ......................................................................... 8
PART II. OTHER INFORMATION ............................................................................... 19
</TABLE>
2
<PAGE>
WELLS REAL ESTATE FUND VI, L.P.
(a Georgia Public Limited Partnership)
Balance Sheets
<TABLE>
<CAPTION>
Assets March 31, 2000 December 31, 1999
------ -------------- -----------------
<S> <C> <C>
Investment in joint ventures (Note 2) $ 17,654,494 $ 17,884,649
Cash and cash equivalents 162,631 155,443
Due from affiliates 502,590 492,276
Deferred project costs 307 307
Prepaid expenses and other assets 300 300
---------- ----------
Total assets $ 18,320,322 $ 18,532,975
========== ==========
Liabilities and Partners' Capital
---------------------------------
Liabilities:
Partnership distribution payable $ 495,087 $ 476,036
---------- ----------
Partners' capital:
Class A - 2,199,570 units as of March
31, 2000 and 2,195,969 units as of
December 31, 1999 17,825,235 18,056,939
Class B - 300,430 units as of March
31, 2000 and 304,031 units as of 0 0
December 31, 1999 ---------- ----------
Total partners' capital 17,825,235 18,056,939
---------- ----------
Total liabilities and partners' capital $ 18,320,322 $ 18,532,975
========== ==========
</TABLE>
See accompanying condensed notes to financial statements.
3
<PAGE>
WELLS REAL ESTATE FUND VI, L.P.
(a Georgia Public Limited Partnership)
STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
------------------
March 31, 2000 March 31, 1999
-------------- --------------
<S> <C> <C>
Revenues:
Interest income $ 1,781 $ 1,536
Equity in income of joint ventures
(Note 2) 287,435 251,212
------- -------
289,216 252,748
------- -------
Expenses:
Legal and accounting 12,782 9,240
Computer costs 3,067 2,820
Partnership administration 10,184 19,372
------- -------
26,033 31,432
------- -------
Net income $ 263,183 $ 221,316
======= =======
Net income allocated to Class A Limited
Partners $ 263,183 $ 452,565
Net loss allocated to Class B Limited
Partners $ 0 $ (231,249)
Net income per Class A Limited Partner
Unit $ 0.12 $ 0.21
Net loss per Class B Limited Partner Unit $ 0 $ (0.74)
Cash distribution per Class A Limited
Partner Unit $ 0.23 $ 0.20
</TABLE>
See accompanying condensed notes to financial statements.
4
<PAGE>
WELLS REAL ESTATE FUND VI, L.P.
(a Georgia Public Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1999 AND THE THREE MONTHS ENDED
MARCH 31, 2000
<TABLE>
<CAPTION>
Limited Partners
-----------------------------------------------
Class A Class B Total
----------------------- ---------------------- General Partners'
Units Amount Units Amount Partners Capital
--------- ------------ ---------- ---------- -------- ------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, December 31, 1998 2,187,757 $18,608,322 312,243 $ 292,359 $ 0 $18,900,681
Net income (loss) 0 1,274,859 0 (305,246) 0 969,613
Partnership distributions 0 (1,813,355) 0 0 0 (1,813,355)
Class B conversion elections 8,212 (12,887) (8,212) 12,887 0 0
--------- ----------- ------- --------- -------- -----------
BALANCE, December 31, 1999 2,195,969 18,056,939 304,031 0 0 18,056,939
Net income (loss) 0 263,183 0 0 0 263,183
Partnership distributions 0 (494,887) 0 0 0 (494,887)
Class B conversion elections 3,601 0 (3,601) 0 0 0
--------- ----------- ------- --------- -------- -----------
BALANCE, March 31, 2000 2,199,570 $17,825,235 300,430 $ 0 $ 0 $17,825,235
========= =========== ======= ========= ======== ===========
</TABLE>
See accompanying condensed notes to financial statements.
5
<PAGE>
WELLS REAL ESTATE FUND VI, L.P.
(a Georgia Public Limited Partnership)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended
------------------
March 31, 2000 March 31, 1999
-------------- --------------
<S> <C> <C>
Cash flow from operating activities:
Net income $ 263,183 $ 221,316
Adjustments to reconcile net income
to net cash used in operating activities: (287,435) (251,212)
----------- -----------
Equity in income of joint ventures
Net cash used in
operating activities (24,252) (29,896)
----------- -----------
Cash flow from investing activities:
Distributions received from joint
ventures 507,276 452,732
----------- -----------
Cash flow from financing activities:
Partnership distributions paid (475,836) (426,157)
----------- -----------
Net increase (decrease) in cash and
cash equivalents 7,188 (3,321)
Cash and cash equivalents, beginning of year 155,443 145,888
----------- -----------
Cash and cash equivalents, end of period $ 162,631 $ 142,567
=========== ===========
</TABLE>
See accompanying condensed notes to financial statements.
6
<PAGE>
WELLS REAL ESTATE FUND VI, L.P.
(A Georgia Public Limited Partnership)
Condensed Notes to Financial Statement
(1) Summary of Significant Accounting Policies
------------------------------------------
(a) General
------------
Wells Real Estate Fund VI, L.P. (the "Partnership") is a Georgia public
limited partnership having Leo F. Wells, III and Wells Partners, L.P., as
General Partners. The Partnership was formed on December 1, 1992, for the
purpose of acquiring, developing, owning, operating, improving, leasing,
and otherwise managing for investment purposes income producing commercial
properties.
On April 5, 1993, the Partnership commenced a public offering of its
limited partnership units pursuant to a Registration Statement on Form S-11
filed under the Securities Act of 1933. The Partnership terminated its
offering on April 4, 1994, and received gross proceeds of $25,000,000
representing subscriptions from 2,500,000 Limited Partners Units, composed
of 1,933,218 Class A and 566,782 Class B Limited Partnership Units.
The Partnership owns interests in properties through its equity ownership
in the following joint ventures: Fund V and Fund VI Associates, a joint
venture between the Partnership and Wells Real Estate Fund V, L.P. ( the
"Fund V - Fund VI Joint Venture"); (ii) Fund V, Fund VI, and Fund VII
Associates, a joint venture between the Partnership, Wells Real Estate Fund
V, L.P. and Wells Real Estate Fund VII, L.P. (the "Fund V-VI-VII Joint
Venture"); (iii) Fund VI and Fund VII Associates, a joint venture between
the Partnership and Wells Real Estate Fund VII, L.P. (the "Fund VI-VII
Joint Venture"); (iv) Fund II, Fund III, Fund VI and Fund VII Associates, a
joint venture between the Partnership, Fund II and Fund III Associates, and
Wells Real Estate Fund VII, L.P., (the "Fund II,III,VI,VII Joint Venture");
(v) Fund VI, Fund VII and Fund VIII Associates, a joint venture between the
Partnership, Wells Real Estate Fund VII, L.P. and Wells Real Estate Fund
VIII, L.P. (the "Fund VI,VII,VIII Joint Venture"); and (vi) Fund I, II, II-
OW, VI, VII Associates, a joint venture between the Partnership, Wells Real
Estate Fund I, Wells Real Estate Fund II, Wells Real Estate Fund II-OW, and
Wells Real Estate Fund VII, L.P. (the "Fund I,II,II-OW,VI,VII Joint
Venture").
As of March 31, 2000, the Partnership owned interests in the following
properties through its ownership of the foregoing joint ventures: (i) a
four story office building located in Hartford, Connecticut (the "Hartford
Building") and (ii) two retail buildings located in Clayton County, Georgia
(the "Stockbridge Village II") which are owned by the Fund V - Fund VI
Joint Venture; (iii) a three-story office building located in Appleton
Wisconsin (the "Marathon Building") which is owned by the Fund V-VI-VII
Joint Venture; (iv) two retail buildings located in Clayton County, Georgia
(the "Stockbridge Village III") which are owned by the Fund VI - Fund VII
Joint Venture; (v) a shopping center expansion located in Clayton County,
Georgia (the Stockbridge Village I Expansion") which is owned by the Fund
VI - Fund VII Joint Venture; (vi) an office/retail center located in
Roswell, Georgia (the "880 Holcomb Bridge") which is owned by the Fund II-
III-VI-VII Joint Venture; and (vii) a four story office building located in
Jacksonville,
7
<PAGE>
Florida (the "BellSouth Property") and (viii) a shopping center located in
Clemmons, North Carolina ( the "Tanglewood Commons") which is owned by the
Fund VI - VII - VIII Joint Venture; and (ix) a retail shopping center
located in Cherokee County, Georgia (the "Cherokee Commons") which is owned
by the Fund I-II-II-OW-VI-VII Joint Venture. All of the foregoing
properties were acquired on an all cash basis. For further information
regarding these joint ventures and properties, refer to the Partnership's
Form 10-K for the year ended December 31, 1999.
(b). Basis of Presentation
--------------------------
The financial statements of Wells Real Estate Fund VI, L.P. ( the
"Partnership") have been prepared in accordance with instructions to Form
10-Q and do not include all of the information and footnotes required by
generally accepted accounting principles for complete financial statements.
These quarterly statements have not been examined by independent
accountants, but in the opinion of the General Partners, the statements for
the unaudited interim periods presented include all adjustments, which are
of a normal and recurring nature, necessary to present a fair presentation
of the results for such periods. For further information, refer to the
financial statements and footnotes included in the Partnership's Form 10-K
for the year ended December 31, 1999.
(2) Investment in Joint Ventures
----------------------------
The Partnership owns interests in nine properties through its investment in
joint ventures of which three are office buildings and six are retail
buildings. The Partnership does not have control over the operations of the
joint ventures; however, it does exercise significant influence.
Accordingly, investment in joint ventures is recorded on the equity method.
For further information, refer to Form 10-K of the Partnership for the year
ended December 31, 1999.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
------------------------------------------------------------------------
RESULTS OF OPERATIONS.
---------------------
The following discussion and analysis should be read in conjunction with
the selected financial data and the accompanying financial statements of
the Partnership and notes thereto. This Report contains forward-looking
statements, within the meaning of Section 27A of the Securities Act of 1933
and 21E of the Securities Exchange Act of 1934, including discussion and
analysis of the financial condition of the Partnership, anticipated capital
expenditures required to complete certain projects, amounts of cash
distributions anticipated to be distributed to Limited Partners in the
future and certain other matters. Readers of this Report should be aware
that there are various factors that could cause actual results to differ
materially from any forward-looking statement made in this Report, which
include construction costs which may exceed estimates, construction delays,
lease-up risks, inability to obtain new tenants upon expiration of existing
leases, and the potential need to fund tenant improvements or other capital
expenditures out of operating cash flow.
8
<PAGE>
Results of Operations and Changes in Financial Conditions
---------------------------------------------------------
(a) General
-----------
As of March 31, 2000, the developed properties owned by the Partnership
were 98% occupied and 97% occupied at March 31, 1999. Gross revenues of the
Partnership were $289,216 for the quarter ended March 31, 2000, as compared
to $252,748 for the quarter ended March 31, 1999. The increase in revenues
is attributed primarily to increase in occupancy from the Fund V - Fund VI
and the Fund VI-VII-VIII Joint Ventures.
Expenses of the Partnership were $26,033 for 2000, as compared to $31,432
for 1999. The decrease in expenses for 2000, as compared to 1999, was
primarily due to increased accounting fees offset by a decrease in
partnership administration salaries.
Net income of the Partnership was $263,183 for the three months ended March
31, 2000, as compared to $221,316 for the same period in 1999. The increase
in net income for 2000, from 1999, is due primarily to increased revenues
and decreased expenses as noted above.
Net cash used in operating activities decreased from $29,896 in 1999 to
$24,252 in 2000. This decrease was due primarily to decreased expenses. Net
cash provided by investing activities increased for the three months ended
March 31, 2000, as compared to the same period in 1999, due primarily to an
increase in distributions received from joint ventures. Partnership
distributions also increased in 2000, as compared to 1999. These changes
produced cash and cash equivalents of $142,567 and $162,631 at March 31,
1999, and 2000, respectively.
The Partnership made cash distributions to Limited Partners holding Class A
Units of $.23 for the three months ended March 31, 2000 and $.20 for 1999.
No cash distributions were made to Limited Partners holding Class B Units
or to the General Partners.
The Partnership expects to continue to meets its short-term liquidity
requirements and budget demands generally through net cash provided by
operations which the Partnership believes will continue to be adequate to
meet both operating requirements and distributions to limited partners. At
this time, given the nature of the joint ventures in which the Partnership
has invested, there are no known improvements and renovations to the
properties expected to be funded from cash flow operations.
9
<PAGE>
Property Operations
- -------------------
As of March 31, 2000, the Partnership owned interests in the following
operational properties:
The Hartford Building/Fund V - Fund VI Joint Venture
----------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
------------------
March 31, 2000 March 31, 1999
-------------- --------------
<S> <C> <C>
Revenues:
Rental income $179,375 $179,375
-------- --------
Expenses:
Depreciation 73,008 73,008
Management & leasing expenses 7,242 7,242
Other operating expenses 4,117 5,319
-------- --------
84,367 85,569
-------- --------
Net income $ 95,008 $ 93,806
======== ========
Occupied % 100% 100%
Partnership Ownership % 53.6% 53.5%
Cash Distribution to Partnership $ 90,949 $ 90,176
Net Income Allocated to the
Partnership $ 50,922 $ 50,205
</TABLE>
Rental income, net income and cash distributions to the Partnership
remained relatively stable for the three months ended March 31, 2000 and
1999 due to the stable occupancy rate.
The Partnership's ownership interest in the Fund V - Fund VI Joint Venture
increased due to additional funding by the Partnership in the second
quarter of 1999, which caused an increase in the Partnership's ownership
interest in the Fund V - Fund VI Joint Venture.
10
<PAGE>
The Marathon Building/Fund V-VI-VII Joint Venture
-------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
------------------
March 31, 2000 March 31, 1999
-------------- --------------
<S> <C> <C>
Revenues:
Rental Income $242,763 $242,754
-------- --------
Expenses:
Depreciation 87,646 87,646
Management & leasing expenses 2,361 16,244
Other operating expenses 4,966 7,546
-------- --------
94,973 111,436
-------- --------
Net income $147,790 $131,318
======== ========
Occupied % 100% 100%
Partnership Ownership % 41.8% 41.8%
Cash Distribution to Partnership $ 99,382 $ 92,494
Net Income Allocated to the
Partnership $ 61,821 $ 54,930
</TABLE>
Rental income remained stable for the three months ended March 31, 2000, as
compared to the three months ended March 31, 1999.
Management and leasing fees decreased for the three months ended March 31,
2000, as compared to the same period last year due to a lower rate charged
starting October 1999, when this single tenant's lease became a triple net
lease. Operating expenses decreased due primarily to timing differences in
the payment of accounting fees.
11
<PAGE>
Stockbridge Village II/Fund V - Fund VI Joint Venture
-----------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
------------------
March 31, 2000 March 31, 1999
-------------- --------------
<S> <C> <C>
Revenues:
Rental income $77,649 $59,408
------- -------
Expenses:
Depreciation 26,241 25,743
Management & leasing expenses 9,627 6,889
Other operating expenses 13,400 13,275
------- -------
49,268 45,907
------- -------
Net income $28,381 $13,501
======= =======
Occupied % 100% 72%
Partnership Ownership % 53.6% 53.5%
Cash Distribution to Partnership $29,922 $15,456
Net Income Allocated to the
Partnership $15,211 $ 7,226
</TABLE>
Rental income, net income and cash distribution to the Partnership
increased in 2000, as compared to 1999, due primarily to increased
occupancy. The Partnership's ownership percentage in the Fund V - Fund VI
Joint Venture increased due to additional fundings by the Partnership
which caused an increase in the Partnership's ownership interest in the
Fund V - Fund VI Joint Venture.
12
<PAGE>
Stockbridge Village III / Fund VI - Fund VII Joint Venture
----------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
------------------
March 31, 2000 March 31, 1999
-------------- --------------
<S> <C> <C>
Revenues:
Rental income $76,838 $80,601
------- -------
Expenses:
Depreciation 21,408 22,586
Management & leasing expenses 9,577 5,556
Other operating expenses (979) 2,967
------- -------
30,006 31,109
------- -------
Net income $46,832 $49,492
======= =======
Occupied % 100% 100%
Partnership Ownership % 43.7% 43.7%
Cash Distribution to Partnership $30,719 $29,088
Net Income allocated to the Partnership $20,466 $21,629
</TABLE>
Rental income, net income and cash distributions remained relatively stable
for 2000, as compared to 1999, due to the stable occupancy rate.
13
<PAGE>
Holcomb Bridge Road Project / Fund II, III, VI, VII Joint Venture
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
------------------
March 31, 2000 March 31, 1999
-------------- --------------
<S> <C> <C>
Revenues:
Rental income $222,157 $230,063
-------- --------
Expenses:
Depreciation 104,130 94,129
Management & leasing expenses 30,586 38,874
Other operating expenses 17,218 24,394
-------- --------
151,934 157,397
-------- --------
Net income $ 70,223 $ 72,666
======== ========
Occupied % 100% 94%
Partnership Ownership % 26.9% 26.9%
Cash Distribution to Partnership $ 51,272 $ 39,523
Net Income Allocated to the
Partnership $ 18,862 $ 19,518
</TABLE>
Rental income decreased for the three months ended March 31, 2000, as
compared to the three months ended March 31, 1999, due to an overestimate
of straight line rent adjustment during the first quarter of 1999.
Cash distributions to the Partnership increased even though net income
decreased slightly due to lease acquisition fees paid of approximately
$20,000 in 1999.
14
<PAGE>
Stockbridge Village I Expansion / Fund VI - Fund VII Joint Venture
- ------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
------------------
March 31, 2000 March 31, 1999
-------------- --------------
<S> <C> <C>
Revenues:
Rental income $82,747 $78,146
------- -------
Expenses:
Depreciation 37,151 41,555
Management & leasing expenses 11,360 9,290
Other operating expenses 4,179 4,791
------- -------
52,690 55,636
------- -------
Net income $30,057 $22,510
======= =======
Occupied % 86% 86%
Partnership Ownership % 43.7% 43.7%
Cash Distribution to Partnership $31,304 $31,146
Net Income Allocated to the
Partnership $13,135 $ 9,837
</TABLE>
Rental income and net income increased for the three months ended March 31,
2000, as compared to three months ended March 31, 1999, due to increased
rental renewal rates this year.
Cash distributions to the Partnership remains the same even though net
income increased due to lease acquisition fees paid on lease renewals in
2000.
15
<PAGE>
BellSouth Building / Fund VI - Fund VII - Fund VIII Joint Venture
- -----------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
------------------
March 31, 2000 March 31, 1999
-------------- --------------
<S> <C> <C>
Revenues:
Rental income $380,277 $380,277
Interest income 1,289 1,142
-------- --------
381,566 381,419
-------- --------
Expenses:
Depreciation 111,606 111,606
Management & leasing expenses 48,166 47,892
Other operating expenses 104,332 103,784
-------- --------
264,104 263,282
-------- --------
Net income $117,462 $118,137
======== ========
Occupied % 100% 100%
Partnership Ownership % 34.3% 34.3%
Cash Distribution to Partnership $ 81,313 $ 81,545
Net Income Allocated to the
Partnership $ 40,231 $ 40,462
</TABLE>
Rental income, net income and cash distributions to the Partnership remained
relatively stable for the three months ended March 31, 2000, as compared to the
three months ended March 31, 1999 due to the stable occupancy rate.
Net income has decreased slightly for the three months ended March 31, 2000, as
compared to the same period last year due primarily to increased expenditures in
water/sewer, landscaping supplies, and HVAC supplies.
16
<PAGE>
Tanglewood Commons / Fund VI - VII - VIII Joint Venture
- -------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
------------------
March 31, 1999 March 31, 1999
-------------- --------------
<S> <C> <C>
Revenues:
Rental income $205,489 $193,031
Interest income 2,365 2,936
-------- --------
207,854 195,967
-------- --------
Expenses:
Depreciation 65,096 61,425
Management & leasing expenses 17,775 15,105
Other operating expenses (25,333) 19,081
-------- --------
57,538 95,611
-------- --------
Net income $150,316 $100,356
======== ========
Occupied % 97% 91%
Partnership Ownership % 34.3% 34.3%
Cash Distribution to Partnership $ 75,179 $ 55,715
Net Income Allocated to the
Partnership $ 51,483 $ 34,372
</TABLE>
Rental income, net income, and cash distributions to the Partnership increased
for the three months ended March 31, 2000, as compared to the three months ended
March 31, 1999, due to increased occupancy at the property.
Other operating expenses decreased due to an increase in common area maintenance
reimbursement billed to tenants. Tenants are billed an estimated amount for the
current year common area maintenance which is then reconciled the following year
and the difference billed to the tenant.
17
<PAGE>
Cherokee Commons/ Fund I, II, II-OW, VI, VII Joint Venture
- ----------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
------------------
March 31, 2000 March 31, 1999
-------------- --------------
<S> <C> <C>
Revenues:
Rental income $242,861 $227,383
Interest income 7 20
-------- --------
242,868 227,403
-------- --------
Expenses:
Depreciation 110,562 110,112
Management & leasing expenses 16,355 26,135
Other operating expenses (26,968) (30,556)
-------- --------
99,949 105,691
-------- --------
Net income $142,919 $121,712
======== ========
Occupied % 97% 96%
Partnership Ownership % 10.7% 10.7%
Cash Distribution to Partnership $ 27,548 $ 24,360
Net Income Allocated to the
Partnership $ 15,304 $ 13,033
</TABLE>
Rental income increased in 2000, as compared to 1999, due to increased occupancy
and increased rental renewal rates. Management and leasing expenses decreased
in 2000, as compared to 1999, due to increased leasing commissions for 1999 and
a catch-up of 1998 management fees in 1999. Other operating expenses remain
negative for 2000 and 1999, due to timing differences in the billing of common
area maintenance to tenants. Tenants are billed an estimate amount for the
current year common area maintenance which is then reconciled in the following
year and the difference billed to the tenant.
18
<PAGE>
PART II - OTHER INFORMATION
- ---------------------------
ITEM 6 (b). No reports on Form 8-K were filed during the first quarter of
2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WELLS REAL ESTATE FUND VI, L.P.
(Registrant)
Dated: May 11, 2000 By: /s/ Leo F. Wells, III
----------------------
Leo F. Wells, III, as Individual
General Partner and as President,
Sole Director and Chief Financial
Officer of Wells Capital, Inc., the
General Partner of Wells Partners, L.P.
19
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 162,631
<SECURITIES> 17,654,494
<RECEIVABLES> 502,590
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 607
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 18,320,322
<CURRENT-LIABILITIES> 495,087
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 17,825,235
<TOTAL-LIABILITY-AND-EQUITY> 18,320,322
<SALES> 0
<TOTAL-REVENUES> 289,216
<CGS> 0
<TOTAL-COSTS> 26,033
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 263,183
<INCOME-TAX> 263,183
<INCOME-CONTINUING> 263,183
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 263,183
<EPS-BASIC> .12
<EPS-DILUTED> 0
</TABLE>
