8-K 1 sp6oct26.txt SP6OCT26 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) October 26, 2005 Shelter Properties VI (Exact name of Registrant as specified in its charter) South Carolina 0-13261 57-0755618 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation or File Number) Identification Number) organization) 55 Beattie Place Post Office Box 1089 Greenville, South Carolina 29602 (Address of principal executive offices) (864) 239-1000 (Issuer's telephone number) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.01 Completion of Acquisition or Disposition of Assets. Shelter Properties VI (the "Registrant") owns Carriage House Apartments, 102 unit apartment complex located in Gastonia, North Carolina (the "Property"). On October 26, 2005, the Partnership sold the Property to a third party, Juniper Investment Group, Ltd., a Texas limited partnership (the "Purchaser"). In addition to the Property, the Purchaser purchased eight other apartment complexes all owned by affiliates of AIMCO Properties, L.P., an affiliate of the general partner of the Partnership. The total sales price for the Property and the eight other properties is approximately $62,300,000, of which approximately $3,500,000 represents the sales price for the Property. The Registrant continues to own and operate two other investment properties. In accordance with the Amended and Restated Limited Partnership Agreement of the Registrant, the Registrant's general partner is evaluating the cash requirements of the Registrant to determine whether any portion of the net proceeds will be distributed to the Registrant's partners. Item 9.01 Financial Statements and Exhibits. (b) Pro forma financial information. The following unaudited pro forma balance sheet and statements of operations reflect the operations of the Registrant as if the Property had been sold on January 1, 2004. The pro forma financial statements do not project the Registrant's results of operations at any future date or for any future period. This pro forma information should be read in conjunction with the Registrant's 2004 Annual Report on Form 10-KSB. PRO FORMA BALANCE SHEET (in thousands) June 30, 2005 All other assets $ 366 Investment properties, net 3,592 Total Assets $ 3,958 All other liabilities $ 949 Mortgage notes payable 6,190 Partners' deficit (3,181) Total Liabilities and Partners' Deficit $ 3,958 PRO FORMA STATEMENTS OF OPERATIONS (in thousands, except per unit data) Year Ended Six Months Ended December 31, 2004 June 30, 2005 Total revenues $ 1,889 $ 908 Total expenses 2,127 1,056 Net loss $ (238) $ (148) Net loss per limited partnership unit $ (5.55) $ (3.45) SIGNATURE 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 hereunto duly authorized. Shelter Properties VI (a South Carolina Limited Partnership) By: Shelter Realty VI Corporation Corporate General Partner By: /s/Martha L. Long Martha L. Long Senior Vice President Date: November 1, 2005