-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Woii8A2jZnluFDHRSg1UsYcpOv7/sBZTHZgSHKqYtCwDOPYxWtZZK37jf+vwMzxy iKZXVA8zXOLLyaAjuTCivw== 0000950148-97-002167.txt : 19970820 0000950148-97-002167.hdr.sgml : 19970820 ACCESSION NUMBER: 0000950148-97-002167 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970819 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: REAL ESTATE ASSOCIATES LTD VI CENTRAL INDEX KEY: 0000715578 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 953778627 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13112 FILM NUMBER: 97666056 BUSINESS ADDRESS: STREET 1: 9090 WILSHIRE BLVD STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 3102782191 MAIL ADDRESS: STREET 1: 9090 WILSHIRE BLVD SUITE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 10-Q 1 FORM 10-Q (06/30/1997) 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 1997 Commission File Number 2-82090 REAL ESTATE ASSOCIATES LIMITED VI (A California Limited Partnership) I.R.S. Employer Identification No. 95-3778627 9090 Wilshire Blvd., Suite 201 Beverly Hills, CA. 90211 Registrant's Telephone Number, Including Area Code (310) 278-2191 Indicate by check mark whether the registrant (1) has filed all documents and reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve 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 ----- ----- 2 REAL ESTATE ASSOCIATES LIMITED VI (a California limited partnership) INDEX TO FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1997 PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets, June 30, 1997 and December 31, 1996 .....................1 Consolidated Statements of Operations, Six and Three Months Ended, June 30, 1997 and 1996.......2 Consolidated Statement of Partners' Deficiency Six Months Ended June 30, 1997 ..........................3 Consolidated Statements of Cash Flows Six Months Ended June 30, 1997 and 1996 .................4 Notes to Consolidated Financial Statements ..................5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation .........................10 PART II. OTHER INFORMATION Item 1. Legal Proceedings...............................................12 Item 6. Exhibits and Reports on Form 8-K ...............................12 Signatures ..............................................................13
3 REAL ESTATE ASSOCIATES LIMITED VI (A CALIFORNIA LIMITED PARTNERSHIP) BALANCE SHEETS JUNE 30, 1997 AND DECEMBER 31, 1996 ASSETS
1997 1996 (Unaudited) (Audited) ------------ ------------ INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2) $ 5,569,526 $ 6,051,522 RENTAL PROPERTY, net of accumulated depreciation (Notes 1 and 3) 3,071,241 3,158,470 CASH AND CASH EQUIVALENTS (Note 1) 6,550,035 5,849,983 CASH, restricted (Note 1) 35,750 35,750 OTHER ASSETS 205,644 190,643 ------------ ------------ TOTAL ASSETS $ 15,432,196 $ 15,286,368 ============ ============ LIABILITIES AND PARTNERS' DEFICIENCY LIABILITIES: Mortgage notes payable related to properties (Notes 3 and 7) $ 4,886,300 $ 4,886,300 Notes payable and amounts due for partnership interests (Notes 4 and 7) 5,795,000 5,795,000 Accrued interest payable (Notes 4 and 7) 5,801,029 5,650,383 Accounts payable 39,654 47,372 Other liabilities 71,502 35,750 ------------ ------------ 16,593,485 16,414,805 ------------ ------------ COMMITMENTS AND CONTINGENCIES (Notes 2, 5 and 6) PARTNERS' DEFICIENCY: General partners (362,803) (362,474) Limited partners (798,486) (765,963) ------------ ------------ (1,161,289) (1,128,437) ------------ ------------ TOTAL LIABILITIES AND PARTNERS' EQUITY $ 15,432,196 $ 15,286,368 ============ ============
The accompanying notes are an integral part of these consolidated financial statements. 1 4 REAL ESTATE ASSOCIATES LIMITED VI (A CALIFORNIA LIMITED PARTNERSHIP) CONSOLIDATED STATEMENTS OF OPERATIONS SIX AND THREE MONTHS ENDED JUNE 30, 1997 AND 1996 (Unaudited)
Six months Three months Six months Three months ended ended ended ended June 30, 1997 June 30, 1997 June 30, 1996 June 30, 1996 --------- --------- ----------- --------- RENTAL OPERATIONS: Revenues $ 529,671 $ 266,297 $ 696,313 $ 255,314 --------- --------- ----------- --------- Expenses: Operating 253,307 123,546 382,876 114,439 Depreciation and amortization (Note 1) 87,229 43,615 143,044 43,614 Interest 242,310 121,155 347,411 133,676 --------- --------- ----------- --------- 582,846 288,316 873,331 291,729 --------- --------- ----------- --------- LOSS FROM RENTAL OPERATIONS (53,175) (22,019) (177,018) (36,415) --------- --------- ----------- --------- PARTNERSHIP OPERATIONS: Interest income 131,195 67,979 77,588 41,382 --------- --------- ----------- --------- Expenses: Management fees - general partner (Note 3) 250,548 125,274 262,846 128,973 General and administrative 158,606 76,331 165,860 62,140 Interest expense 266,850 136,938 259,825 129,913 --------- --------- ----------- --------- 676,004 338,543 688,531 321,026 --------- --------- ----------- --------- LOSS FROM PARTNERSHIP OPERATIONS (544,809) (270,564) (610,943) (279,644) --------- --------- ----------- --------- GAIN FROM SALE OF RENTAL PROPERTY (Note 1) -- -- 2,050,417 -- EQUITY IN INCOME OF LIMITED PARTNERSHIPS AND AMORTIZATION OF ACQUISITION COSTS 298,000 149,000 346,000 173,000 DISTRIBUTIONS FROM LIMITED PARTNERSHIPS RECOGNIZED AS INCOME (Note 2) 267,132 196,332 129,200 47,898 --------- --------- ----------- --------- NET INCOME (LOSS) $ (32,852) $ 52,749 $ 1,737,656 $ (95,161) ========= ========= =========== ========= NET INCOME (LOSS) PER LIMITED PARTNERSHIP INTEREST (Note 1) $ (2) $ 3 $ 103 $ (6) ========= ========= =========== =========
The accompanying notes are an integral part of these consolidated financial statements. 2 5 REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES (A CALIFORNIA LIMITED PARTNERSHIP) CONSOLIDATED STATEMENT OF PARTNERS' DEFICIENCY SIX MONTHS ENDED JUNE 30, 1997 (Unaudited)
General Limited Partners Partners Total --------- --------- ----------- PARTNERSHIP INTERESTS, June 30, 1997 16,810 ========= DEFICIENCY, January 1, 1997 $(362,474) $(765,963) $(1,128,437) Net loss for the six months ended June 30, 1997 (329) (32,523) (32,852) --------- --------- ----------- DEFICIENCY, June 30, 1997 $(362,803) $(798,486) $(1,161,289) ========= ========= ===========
The accompanying notes are an integral part of these consolidated financial statements. 3 6 REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES (A CALIFORNIA LIMITED PARTNERSHIP) CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (Unaudited)
1997 1996 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (32,852) $ 1,737,656 Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in income of limited partnerships and amortization of acquisition costs (298,000) (346,000) Depreciation 87,229 143,044 Increase in receivables from limited partnerships -- (30,000) (Increase) decrease in other assets (15,001) 261,096 Increase in accrued interest payable 150,646 137,289 Decrease in accounts payable (7,718) (163,020) Increase (decrease) in other liabilities 35,752 (97,746) Gain on sale of rental property -- (2,050,417) ----------- ----------- Net cash used in operating activities (79,944) (408,098) ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Distributions to limited partnerships recognized as as a return of capital 779,996 108,282 Proceeds from sale of rental property -- 5,883,245 ----------- ----------- Net cash provided by investing activities 779,996 5,991,527 ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Payment of mortgages -- (5,052,395) ----------- ----------- NET INCREASE IN CASH AND CASH EQUIVALENTS 700,052 531,034 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 5,849,983 4,895,340 ----------- ----------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 6,550,035 $ 5,426,374 =========== =========== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for interest $ 174,368 $ 122,536 =========== ===========
The accompanying notes are an integral part of these consolidated financial statements. 4 7 REAL ESTATE ASSOCIATES LIMITED VI (a California limited partnership) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1997 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL The information contained in the following notes to the financial statements is condensed from that which would appear in the audited annual financial statements; accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and related notes thereto contained in the annual report for the year ended December 31, 1996 prepared by Real Estate Associates Limited VI and Subsidiaries (the "Partnership"). Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire year. In the opinion of the Partnership, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals) necessary to present fairly the financial position of the Partnership at June 30, 1997 and the results of operations for the six and three months then ended and changes in cash flows for the six months then ended. The general partners have a 1 percent interest in profits and losses of the Partnership. The limited partners have the remaining 99 percent interest which is allocated in proportion to their respective individual investments. National Partnership Investments Corp. (NAPICO) is the corporate general partner of the Partnership. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Real Estate Associates Limited VI and its majority-owned general partnerships. All significant intercompany accounts and transactions have been eliminated in consolidation. METHOD OF ACCOUNTING FOR INVESTMENT IN THE UNCONSOLIDATED LIMITED PARTNERSHIPS The investments in unconsolidated limited partnerships are accounted for on the equity method. Acquisition, selection and other costs related to the acquisition of the projects are capitalized as part of the investment account and are being amortized on a straight line basis over the estimated lives of the underlying assets, which is generally 30 years. 5 8 REAL ESTATE ASSOCIATES LIMITED VI (a California limited partnership) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) JUNE 30, 1997 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) NET LOSS PER LIMITED PARTNERSHIP INTEREST Net loss per limited partnership interest was computed by dividing the limited partners' share of net loss by the number of limited partnership interests outstanding during the year. The number of limited partnership interests was 16,810 for the periods presented. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of unrestricted cash and bank certificates of deposit with maturities of three months or less. Restricted cash consist of tenants' security and escrow deposits and mortgage impounds. The Partnership has its cash and cash equivalents on deposit primarily with one high credit quality financial institution. Such cash and cash equivalents are in excess of the FDIC insurance limit. INCOME TAXES No provision has been made for income taxes in the accompanying financial statements since such taxes, if any, are the liability of the individual partners. RENTAL PROPERTY AND DEPRECIATION Rental property is stated at cost. Depreciation is provided on the straight-line and accelerated methods over the estimated useful lives of the buildings and equipment. Pursuant to a purchase agreement in which the Partnership acquired its interest from withdrawing general partners, certain rental property was revalued to reflect the purchase price. Substantially all of the apartment units are leased on a month-to-month basis. On February 2, 1996, one of the consolidated general partnerships (Drexel Park) sold its property for $6,300,000. After payment of closings costs, the Partnership realized a gain of approximately $2,000,000 and cash of $830,000. IMPAIRMENT OF LONG-LIVED ASSETS The Partnership adopted Statement of Financial Accounting Standards No. 121, Account for the Improvement of Long-Lived Assets and for Long-Lived Assets To Be Disposed Of as of January 1, 1996 without a significant effect on its financial statements. The Partnership reviews long-lived assets to determine if there has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. 6 9 REAL ESTATE ASSOCIATES LIMITED VI (a California limited partnership) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) JUNE 30, 1997 NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS As of June 30, 1997, the Partnership holds limited partnership interests in 27 local limited partnerships and a general partner interest in one general partnership. In addition, REAL VI holds a general partner interest in Real Estate Associates III ("REA III"), a California general partnership. NAPICO is also a general partner in REA III. REA III, in turn, holds limited partner interests in seven local limited partnerships. In total, therefore, the Partnership holds interests, either directly or indirectly through REA III, in 34 limited partnerships and one general partnership which own residential rental projects consisting of 2,832 apartment units. The mortgage loans of these projects are insured by various governmental agencies. The Partnership, as a limited partner, is entitled to between 90 percent and 99 percent of the profits and losses of the limited partnerships it has invested in directly. The Partnership is also entitled to 99.9 percent of the profits and losses of REA III. REA III holds a 99 percent interest in each of the limited partnerships in which it has invested. As of June 30, 1997, the Partnership is obligated, if certain conditions are met, to invest an additional $90,500 in its investee partnerships at various times in the future. This amount has not been recorded as a liability in the accompanying financial statements. Equity in losses of unconsolidated limited partnerships is recognized in the financial statements until the limited partnership investment account is reduced to a zero balance or to a negative amount equal to further capital contributions required. Losses incurred after the limited partnership investment account is reduced to zero are not recognized. Distributions from the unconsolidated limited partnerships are accounted for as a return of capital until the investment balance is reduced to zero. Subsequent distributions received are recognized as income. The following is a summary of the investment in unconsolidated limited partnerships for the six months ended June 30, 1997: Balance, beginning of period $6,051,522 Equity in income of limited partnerships 308,000 Amortization of acquisition costs (10,000) Cash distributions recognized as a return of capital (779,996) ---------- Balance, end of period $5,569,526 ==========
The following are unaudited combined estimated statements of operations for the six months ended June 30, 1997 and 1996 of the unconsolidated limited partnerships in which the Partnership has investments: 7 10 REAL ESTATE ASSOCIATES LIMITED VI (a California limited partnership) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) JUNE 30, 1997 NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIP (Continued)
Six months Three months Six months Three months ended ended ended ended June 30, 1997 June 30, 1997 June 30, 1996 June 30, 1996 ------------- ------------- ------------- ------------- Revenues: Rental and other $10,622,000 $5,311,000 $10,286,000 $5,143,000 Expenses: Depreciation 1,798,000 899,000 1,764,000 882,000 Interest 4,156,000 2,078,000 2,860,000 1,430,000 Operating expenses 5,606,000 2,803,000 6,892,000 3,446,000 Total expenses 11,560,000 5,780,000 11,516,000 5,758,000 ----------- ---------- ----------- ---------- Net loss $ (938,000) $ (469,000) $ 1,230,000) $ (615,000) =========== ========== =========== ==========
NAPICO, or one of its affiliates, is the general partner and property management agent for certain of the limited partnerships included above. The Partnership is undergoing an extensive review of disposition, refinancing or re-engineering alternatives for the properties in its Portfolio that are subject to governmental mortgage and rental subsidy programs. The Partnership has begun to incur expenses in connection with this review by various third party professionals. Amounts incurred to date are not material to the operating results of the Partnership. The sale of Drexel Park III closed on May 1, 1997, upon the necessary regulatory approval from the Maryland Community Development Agency. Drexel Park III was sold for $2,450,000. Net proceeds of approximately $733,000 have been received after deducting existing debt, commissions and other related closing costs. The investment balance as of December 31, 1996 was $597,000. NOTE 3 - MORTGAGE NOTE PAYABLE The mortgage note outstanding at June 30, 1997 had an interest rate of 8.78 percent per annum, with principal and interest payments due monthly. The note matures in September 2006. The note is collateralized by the underlying rental property. NOTE 4 - NOTES PAYABLE Certain of the Partnership's investments involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. The purchase of these interests provides for additional cash payments of approximately $325,000 based upon specified events as outlined in the purchase agreements. Such amounts have been recorded as liabilities. In addition, the Partnership is obligated on non-recourse notes payable of $5,470,000 which bear interest at 9.5 percent and have principal maturities through December 2012. The notes and related interest are payable from cash flow generated from operations of the related rented properties as defined in the notes. These obligations are collateralized by the Partnership's investments in the limited partnerships. Unpaid interest is due at maturity of the notes. 8 11 REAL ESTATE ASSOCIATES LIMITED VI (a California limited partnership) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) JUNE 30, 1997 NOTE 5 - MANAGEMENT FEES AND EXPENSES DUE TO GENERAL PARTNER Under the terms of the Restated Certificate and Agreement of Limited Partnership, the Partnership is obligated to the corporate general partner for an annual management fee of approximately .4 percent of the original invested assets of the limited partnerships. Invested assets are defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interests in the capital accounts of the respective partnerships. This fee was approximately $251,000 and $263,000 for the six months ended June 30, 1997 and 1996, respectively. The Partnership reimburses NAPICO for certain expenses. The reimbursement to NAPICO was approximately $24,000 and $22,000 for the six months ended June 30, 1997 and 1996, and is included in general and administrative expenses. NOTE 6 - CONTINGENCIES The corporate general partner of the Partnership is involved in various lawsuits and have also been named defendants in other lawsuits arising from transactions in the ordinary course of business. In the opinion of management and the corporate general partner, the claims will not result in any material liability to the Partnership. NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS Statement of Financial Accounting Standards No. 107, "Disclosure about Fair Value of Financial Instruments," requires disclosure of fair value information about financial instruments, when it is practicable to estimate that value. The mortgage notes payable are insured by HUD and are collateralized by the rental properties. The operations generated by the properties and investee limited partnerships are subject to various government rules, regulations and restrictions which make it impracticable to estimate the fair value of the mortgage notes payable and related accrued interest. The carrying amount of other assets and liabilities reported on the balance sheets that require such disclosure approximates fair value due to their short-term maturity. 9 12 REAL ESTATE ASSOCIATES LIMITED VI (a California limited partnership) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) JUNE 30, 1997 ITEM 2. MANAGEMENT'S ANALYSIS AND DISCUSSION OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES The Partnership's primary sources of funds include interest income on short term investments and distributions from limited partnerships in which the Partnership has invested. The Partnership has committed as of June 30, 1997 to investments in limited partnerships requiring additional capital contributions of $90,500. The Partnership normally makes its capital contributions to the local limited partnerships in stages, over a period of two to five years, with each contribution due on a specified date, provided that certain conditions regarding construction or operation of the project have been fulfilled. The Partnership has no significant commitments once the capital contributions have been made. The sale of Drexel Park III closed on May 1, 1997, upon the necessary regulatory approval from the Maryland Community Development Agency. Drexel Park III was sold for $2,450,000. Net proceeds of approximately $733,000 have been received after deducting existing debt, commissions and other related closing costs. The investment balance as of December 31, 1996 was $597,000. RESULTS OF OPERATIONS On February 2, 1996, one of the consolidated general partnerships (Drexel Park) sold its property for $6,300,000. After payment of closings costs, the Partnership realized a gain of approximately $2,000,000 and cash of $830,000. Rental operations consist primarily of rental income and depreciation expense, debt service, and normal operating expenses to maintain the properties. Variances in rental operations from the prior year to the current year relate to the sale of the Drexel Property. Partnership revenues consist primarily of interest income earned on certificates of deposit and other temporary investment of funds not required for investment in local partnerships. Operating expenses consist primarily of recurring general and administrative expenses and professional fees for services rendered to the Partnership. In addition, an annual Partnership management fee in an amount equal to .4 percent of invested assets is payable to the corporate general partner. The Partnership is undergoing an extensive review of disposition, refinancing or re-engineering alternatives for the properties in its Portfolio that are subject to governmental mortgage and rental subsidy programs. The Partnership has begun to incur expenses in connection with this review by various third party professionals. Amounts incurred to date are not material to the operating results of the Partnership. The Partnership accounts for its investments in the local limited partnerships on the equity method, thereby adjusting its investment balance by its proportionate share of the income or loss of the local limited partnerships. Losses incurred after the limited partnership investment account is reduced to zero are not recognized in accordance with the equity accounting method. 10 13 REAL ESTATE ASSOCIATES LIMITED VI (a California limited partnership) JUNE 30, 1997 ITEM 2. MANAGEMENT'S ANALYSIS AND DISCUSSION OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS (CONTINUED) Distributions received from limited partnerships are recognized as return of capital until the investment balance has been reduced to zero or to a negative amount equal to future capital contributions required. Subsequent distributions received are recognized as income. Except for certificates of deposit and money market funds, the Partnership's investments are entirely from interests in other limited and general partnerships owning government assisted projects. Funds temporarily not required for such investments in projects are invested providing interest income as reflected in the statement of operations. These funds can be converted to cash to meet obligations as they arise. The Partnership intends to continue investing available funds in this manner. 11 14 REAL ESTATE ASSOCIATES LIMITED VI (a California limited partnership) JUNE 30, 1997 PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The Partnership's general partner is involved in various lawsuits. None of these lawsuits are related to the Partnership. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) No exhibits are required per the provision of item 7 of regulation S-K. 12 15 REAL ESTATE ASSOCIATES LIMITED VI (a limited partnership) JUNE 30, 1997 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES (a California limited partnership) By: National Partnership Investments Corp., General Partner -------------------------------------- Bruce Nelson President Date: ------------------------------------ -------------------------------------- Charles H. Boxenbaum Chief Executive Officer Date: ------------------------------------ 13 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE PARTNERSHIP'S STATEMENTS OF EARNINGS AND BALANCE SHEETS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 6-MOS DEC-31-1997 JAN-10-1997 JUN-30-1997 6,550,035 0 0 0 0 6,791,429 5,665,419 2,594,178 15,432,196 39,654 0 0 0 0 (1,161,289) 15,432,196 0 1,225,998 0 0 749,690 0 509,160 (32,852) 0 (32,852) 0 0 0 (32,852) 0 0
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