-----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, T+0gplMomAuQtpYqOjpz3qmkv2CFxuA0/rhWAqhqqYV8Gls6eurScFtgCB+Pmg1Q 0SE5NdT9t4RT1x0uQgM7qw== 0000730013-96-000004.txt : 19960912 0000730013-96-000004.hdr.sgml : 19960912 ACCESSION NUMBER: 0000730013-96-000004 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960731 FILED AS OF DATE: 19960911 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SHELTER PROPERTIES VI LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000730013 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 570755618 STATE OF INCORPORATION: SC FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-13261 FILM NUMBER: 96628556 BUSINESS ADDRESS: STREET 1: ONE SINSIGNIA FINANCIAL PLAZA STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8032391000 MAIL ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLZ STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 10QSB 1 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 July 31, 1996 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 0-13261 SHELTER PROPERTIES VI LIMITED PARTNERSHIP (Exact name of small business issuer as specified in its charter) South Carolina 57-0755618 (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) (Zip Code) Issuer's telephone number (864) 239-1000 Check whether the issuer (1) 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 . PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS a) SHELTER PROPERTIES VI LIMITED PARTNERSHIP BALANCE SHEET (Unaudited) July 31, 1996 Assets Cash: Unrestricted $ 2,881,631 Restricted--tenant security deposits 204,230 Accounts receivable 13,886 Escrow for taxes 606,256 Restricted escrows 1,518,559 Other assets 689,624 Investment properties: Land $ 4,949,503 Buildings and related personal property 45,974,308 50,923,811 Less accumulated depreciation (22,446,726) 28,477,085 $34,391,271 Liabilities and Partners' Capital (Deficit) Liabilities Accounts payable $ 96,312 Tenant security deposits 196,902 Accrued taxes 713,337 Other liabilities 371,337 Mortgage notes payable 27,509,847 Partners' Capital (Deficit) General partners $ (303,078) Limited partners (42,324 units issued and outstanding) 5,806,614 5,503,536 $34,391,271 See Accompanying Notes to Financial Statements b) SHELTER PROPERTIES VI LIMITED PARTNERSHIP STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Nine Months Ended July 31, July 31, 1996 1995 1996 1995 Revenues: Rental income $2,352,265 $2,598,756 $6,999,815 $7,703,174 Other income 172,786 139,596 500,576 468,166 Total revenues 2,525,051 2,738,352 7,500,391 8,171,340 Expenses: Operating 769,597 878,979 2,163,373 2,465,302 General and administrative 74,153 179,674 244,106 320,124 Maintenance 430,666 398,340 1,057,047 1,076,191 Depreciation 495,975 553,227 1,466,175 1,633,249 Interest 625,306 710,549 1,888,981 2,142,533 Property taxes 224,928 239,141 663,221 705,812 Total expenses 2,620,625 2,959,910 7,482,903 8,343,211 Casualty loss -- -- (1,047) -- Net income (loss) $ (95,574) $ (221,558) $ 16,441 $ (171,871) Net income (loss) allocated to general partners (1%) $ (956) $ (2,216) $ 164 $ (1,719) Net income (loss) allocated to limited partners (99%) (94,618) (219,342) 16,277 (170,152) $ (95,574) $ (221,558) $ 16,441 $ (171,871) Net income (loss) per limited partnership unit $ (2.24) $ (5.18) $ .38 $ (4.02) See Accompanying Notes to Financial Statements
c) SHELTER PROPERTIES VI LIMITED PARTNERSHIP STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) (Unaudited)
Limited Partnership General Limited Units Partners Partners Total Original capital contributions 42,324 $ 2,000 $42,324,000 $42,326,000 Partners' capital (deficit) at October 31, 1995 42,324 $(303,242) $ 5,790,337 $ 5,487,095 Net income for the nine months ended July 31, 1996 164 16,277 16,441 Partners' capital (deficit) at July 31, 1996 42,324 $(303,078) $ 5,806,614 $ 5,503,536 See Accompanying Notes to Financial Statements
d) SHELTER PROPERTIES VI LIMITED PARTNERSHIP STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended July 31, 1996 1995 Cash flows from operating activities: Net income (loss) $ 16,441 $ (171,871) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation 1,466,175 1,633,249 Amortization of discounts and loan costs 222,106 239,750 Casualty loss 1,046 -- Change in accounts: Restricted cash (9,000) (11,863) Accounts receivable 2,681 5,418 Escrows for taxes (206,117) (159,710) Other assets (55,558) 28,106 Accounts payable (244,566) (109,273) Tenant security deposit liabilities 11,811 8,082 Accrued taxes 146,928 129,162 Other liabilities 11,782 38,602 Net cash provided by operating activities 1,363,729 1,629,652 Cash flows from investing activities: Property improvements and replacements (701,773) (642,980) Deposits to restricted escrows (46,183) (226,672) Receipts from restricted escrows 67,648 58,156 Net insurance proceeds from property damages 35,587 -- Net cash used in investing activities (644,721) (811,496) Cash flows from financing activities: Payments on mortgage notes payable (546,935) (564,289) Partners' distributions (1,000,000) -- Net cash used in financing activities (1,546,935) (564,289) Net (decrease) increase in cash (827,927) 253,867 Cash at beginning of period 3,709,558 1,035,305 Cash at end of period $ 2,881,631 $1,289,172 Supplemental disclosure of cash flow information: Cash paid for interest $ 1,670,711 $1,903,808 See Accompanying Notes to Financial Statements
SHELTER PROPERTIES VI LIMITED PARTNERSHIP STATEMENTS OF CASH FLOWS (Continued) Supplemental Disclosure of Non-Cash Activity Property improvements and replacements Accounts payable was adjusted $53,548 at July 31, 1996, for non-cash amounts in connection with property improvements and replacements. See Accompanying Notes to Financial Statements SHELTER PROPERTIES VI LIMITED PARTNERSHIP NOTES TO FINANCIAL STATEMENTS (Unaudited) Note A - Basis of Presentation The accompanying unaudited financial statements of Shelter Properties VI Limited Partnership (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 the Corporate General Partner (Shelter Realty VI Corporation), all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine month period ended July 31, 1996, are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 1996. For further information, refer to the financial statements and footnotes thereto included in the Partnership's annual report on Form 10-KSB for the year ended October 31, 1995. Cash and Cash Equivalents: Unrestricted - Unrestricted cash includes cash on hand and in banks, money market funds and Certificates of Deposit with original maturities less than 90 days. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. Restricted cash - tenant security deposits - The Partnership requires security deposits from lessees for the duration of the lease and such deposits are considered restricted cash. Deposits are refunded when the tenant vacates, provided the tenant has not damaged its space and is current on its rental payments. Certain reclassifications have been made to the 1995 information to conform to the 1996 presentation. Note B - Reconciliation of Cash Flows The following is a reconciliation of the subtotal on the accompanying statements of cash flows captioned "net cash provided by operating activities" to "net cash used in operations", as defined in the partnership agreement. However, "net cash used in operations" should not be considered an alternative to net income as an indicator of the Partnership's operating performance or to cash flows as a measure of liquidity. Nine Months Ended July 31, 1996 1995 Net cash provided by operating activities $1,363,729 $1,629,652 Payments on mortgage notes payable (546,935) (564,289) Property improvements and replacements (701,773) (642,980) Change in restricted escrows, net 21,465 (168,516) Changes in reserves for net operating liabilities 342,039 71,476 Additional reserves (480,000) (340,000) Net cash used in operations $ (1,475) $ (14,657) The Corporate General Partner reserved an additional $480,000 on July 31, 1996, to fund capital improvements and repairs at the properties. On July 31, 1995, the Corporate General Partner reserved $340,000 for capital expenditures and to fund the Reserve Escrow, as defined in the mortgage notes. Note C B Transactions with Affiliated Parties The Partnership has no employees and is dependent on the Corporate 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 the reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. Property management fees paid to affiliates of Insignia Financial Group, Inc., during the nine months ended July 31, 1996 and 1995, are included in operating expenses on the statement of operations and are reflected in the following table. The Corporate General Partner and its affiliates received reimbursements for services which are included in general and administrative expenses on the statement of operations for the nine months ended July 31, 1996 and 1995, as reflected in the following table: For the Nine Months Ended July 31, 1996 1995 Property management fees $370,116 $405,758 Reimbursement for services of affiliates 143,489 125,792 Note C - Transactions with Affiliated Parties - continued The Partnership insures its properties under a master policy through an agency and insurer unaffiliated with the Corporate General Partner. An affiliate of the Corporate 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 Corporate General Partner who receives payments on these obligations from the agent. The amount of the Partnership's insurance premiums accruing to the benefit of the affiliate of the Corporate General Partner by virtue of the agent's obligations is not significant. Note D - Contingencies The Corporate General Partner owns 100 Limited Partnership Units ("Units"). On or about April 26 and 27, 1995, six entities ("Affiliated Purchaser") affiliated with the Partnership commenced tender offers for limited partner interests in six limited partnerships, including the Partnership (collectively, the "Shelter Properties Partnerships"). On May 27, 1995, the Affiliated Purchaser acquired 7,985 units of the Partnership pursuant to the tender offer. On or about May 12, 1995, in the United States District Court for the District of South Carolina, certain limited partners of the Shelter Properties Partnerships commenced a lawsuit, on behalf of themselves, on behalf of a putative class of plaintiffs, and derivatively on behalf of the partnerships, challenging the actions taken by defendants (including Insignia, the acquiring entities and certain officers of Insignia) in the management of the Shelter Properties Partnerships and in connection with the tender offers and certain other matters. The plaintiffs alleged that, among other things: (i) the defendants intentionally mismanaged the partnerships and acted contrary to the limited partners' best interests by prolonging the existence of the partnerships in order to perpetuate the revenues derived by Insignia (an affiliate of the Corporate General Partner) and its affiliates from the partnerships; (ii) the defendants' actions reduced the demand for the partnerships' limited partner interests in the limited resale market by artificially depressing the trading prices for limited partners interests in order to create a favorable environment for the tender offers; (iii) through the tender offers, the acquiring entities sought to acquire effective voting control over the partnerships while paying highly inadequate prices; and (iv) the documents disseminated to the class in connection with the tender offers contained false and misleading statements and omissions of material facts concerning such issues as the advantages to limited partners of tendering pursuant to the tender offers; the true value of the interest; the true financial condition of the partnerships; the factors affecting the likelihood that properties owned by the partnerships will be sold or liquidated in the near future; the liquidity and true value of the limited partner interests; the reasons for the limited secondary market for limited partner interests; and the true nature of the market for the underlying real estate assets owned by the Shelter Properties' Partnerships, all in violation of the federal securities laws. Note D - Contingencies - continued On September 27, 1995, the parties entered into a stipulation to settle the matter. The principal terms of the stipulation require supplemental payments to tendering limited partners aggregating approximately $6 million to be paid by the Affiliated Purchaser, of which approximately $722,000 is the Partnership's portion; waiver by the Shelter Properties Partnerships' general partners of any right to certain proceeds from a sale or refinancing of the partnerships' properties; some restrictions on Insignia's ability to vote the limited partner interests it acquired; payment of $1.25 million (which amount is divided among the various partnerships and acquiring entities) for plaintiffs' attorney fees and expenses in the litigation; and general releases of all the defendants. On June 24, 1996, after notice to the class and a hearing on the fairness and adequacy of the notice and the terms of settlement, the court orally approved the settlement. The court signed the formal order on July 30, 1996. No appeal was filed within thirty days after the court entered the formal order, and the settlement became effective on August 30, 1996. The Shelter Properties Partnerships made the payments to investors in accordance with the settlement in early September 1996. Note E - Sale of Marble Hills Apartments On September 29, 1995, the Partnership sold Marble Hills Apartments to an unaffiliated party. The buyer assumed the related mortgage notes payable. The total outstanding balance on the mortgage notes payable was $3,344,066. The carrying amount of the property was $4,459,975. The Partnership received net proceeds of $2,412,138 after payment of closing costs. This disposition resulted in a gain of $1,296,229 recognized during the fourth quarter of 1995. As of July 31, 1995, total assets of Marble Hills were $4,737,120, total liabilities were $3,272,981 and partners' deficit was $1,464,139. Revenues and expenses for the nine months ended July 31, 1995, were $1,018,467 and $990,518, respectively, resulting in net income of $27,949. Note F - Casualty Loss During the first quarter of 1996, the Partnership recorded a casualty loss resulting from a fire which destroyed three units at Nottingham Square. Although the damage was covered by insurance, the damage resulted in a loss of $1,047. The loss resulted from gross proceeds received of $43,141 which were less than the basis of the property plus expenses to replace the interiors damaged. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION The Partnership's investment properties consist of six apartment complexes. The following table sets forth the average occupancy of the properties for the nine months ended July 31, 1996 and 1995: Average Occupancy Property 1996 1995 Rocky Creek Augusta, Georgia 84% 90% Carriage House Gastonia, North Carolina 97% 98% Nottingham Square Des Moines, Iowa 94% 94% Foxfire/Barcelona Durham, North Carolina 98% 98% River Reach Jacksonville, Florida 98% 99% Village Gardens Fort Collins, Colorado 94% 94% The Corporate General Partner attributes the decrease in occupancy at Rocky Creek to an increase in the number of tenants purchasing homes. Also contributing to the decrease in occupancy was the downsizing of the employment base with lay-offs in the region. The Partnership's net income for the nine months ended July 31, 1996, was $16,441 and the net loss for three months ended July 31, 1996, was $95,574. The Partnership reported net losses of $171,871 and $221,558 for the corresponding periods of 1995. The increase in net income for the nine months ended July 31, 1996, and the decrease in net loss for the three months ended July 31, 1996, is primarily due to a decrease in general and administrative expense, an increase in other income and an increase in rental income at the six remaining properties. General and administrative expense decreased due to a decrease in legal fees associated with the lawsuits disclosed in the Legal Proceeding section below, as well as the decrease in professional expenses in connection with the tender offerings in 1995. Other income increased due to an increase in interest income resulting from increased cash reserves invested at higher interest rates compared to 1995. Management's aggressiveness in collecting fees related to lease cancellations at Nottingham Square also contributed to the increase in other income. On September 29, 1995, the Partnership sold Marble Hills Apartments to an unaffiliated third party. The buyer assumed the related mortgage notes payable. The total outstanding balance on the mortgage notes payable was $3,344,066. The carrying amount of the property was $4,459,975. The Partnership received net proceeds of $2,412,138 after payment of closing costs. This disposition resulted in a gain of $1,296,229 recognized during the fourth quarter of 1995. As of July 31, 1995, total assets of Marble Hills were $4,737,120, total liabilities were $3,272,981 and partners' deficit was $1,464,139. Revenues and expenses for the nine months ended July 31, 1995, were $1,018,467 and $990,518, respectively, resulting in net income of $27,949. As a result of the sale of Marble Hill (discussed above) overall rental income and expenses decreased during 1996 as compared to the corresponding period in 1995. Rental income for the remaining properties increased due to rental rate increases during 1996. Offsetting the increase in net income for the nine months ended July 31, 1996, was an increase in maintenance expense at the remaining properties. Maintenance expense increased at Foxfire/Barcelona due to gutter repairs and exterior painting and at Village Gardens due to exterior and interior improvements needed to maintain its market share. During the first quarter of 1996, the Partnership recorded a casualty loss resulting from a fire which destroyed three units at Nottingham Square. Although the damage was covered by insurance, the damage resulted in a loss of $1,047, arising from gross proceeds received of $43,141 which were less than the basis of the property plus expenses to replace the interiors damaged. As part of the ongoing business plan of the Partnership, the Corporate 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 expense. As part of this plan, the Corporate 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 Corporate General Partner will be able to sustain such a plan. At July 31, 1996, the Partnership reported unrestricted cash of $2,881,631 versus $1,289,172 for the same period of 1995. Net cash provided by operating activities decreased due to an increase in other assets due to a Federal tax deposit required under Section 7519 of the Internal Revenue Code for future tax liabilities which may be incurred from the income of the Partnership's investment properties. The decrease in accounts payable, which was due to the timing of payments to vendors, also contributed to the decrease in cash provided by operating activities. Net cash used in investing activities decreased due to insurance proceeds received in 1996 as a result of the fire discussed above and a decrease in net cash deposited to restricted escrows as the escrows are fully funded. Offsetting the decrease in net cash used in investing activities was an increase in property improvements and replacements primarily due to replacements of carpet, appliances, and HVAC units at Nottingham Square to improve and maintain current occupancy levels. Net cash used in financing activities increased due to a distribution made to partners during the nine months ended July 31, 1996. The Partnership has no material capital programs scheduled to be performed in 1996, although certain routine capital expenditures and maintenance expenses have been budgeted. These capital expenditures and maintenance expenses will be incurred only if cash is available from operations or is received from the capital reserve account. 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 property to adequately maintain the physical assets and other operating needs of the Partnership. Such assets are currently thought to be sufficient for any near-term needs of the Partnership. The mortgage indebtedness of $27,509,847, net of discount, is amortized over 257 months with balloon payments of $23,007,741 due on November 15, 2002, at which time the properties will either be refinanced or sold. No cash distributions were paid in 1995. Distributions of the proceeds from the sale of Marble Hills of $1,000,000 were paid in the first quarter of 1996. Future cash distributions will depend on the levels of net cash generated from operations, refinancing, property sales and cash reserves. PART II - OTHER INFORMATION ITEM 1.LEGAL PROCEEDINGS The Corporate General Partner owns 100 Limited Partnership Units ("Units"). On or about April 26 and 27, 1995, six entities ("Affiliated Purchaser") affiliated with the Partnership commenced tender offers for limited partner interests in six limited partnerships, including the Partnership (collectively, the "Shelter Properties Partnerships"). On May 27, 1995, the Affiliated Purchaser acquired 7,985 units of the Partnership pursuant to the tender offer. On or about May 12, 1995, in the United States District Court for the District of South Carolina, certain limited partners of the Shelter Properties Partnerships commenced a lawsuit, on behalf of themselves, on behalf of a putative class of plaintiffs, and derivatively on behalf of the partnerships, challenging the actions taken by defendants (including Insignia, the acquiring entities and certain officers of Insignia) in the management of the Shelter Properties Partnerships and in connection with the tender offers and certain other matters. The plaintiffs alleged that, among other things: (i) the defendants intentionally mismanaged the partnerships and acted contrary to the limited partners' best interests by prolonging the existence of the partnerships in order to perpetuate the revenues derived by Insignia (an affiliate of the Corporate General Partner) and its affiliates from the partnerships; (ii) the defendants' actions reduced the demand for the partnerships' limited partner interests in the limited resale market by artificially depressing the trading prices for limited partners interests in order to create a favorable environment for the tender offers; (iii) through the tender offers, the acquiring entities sought to acquire effective voting control over the partnerships while paying highly inadequate prices; and (iv) the documents disseminated to the class in connection with the tender offers contained false and misleading statements and omissions of material facts concerning such issues as the advantages to limited partners of tendering pursuant to the tender offers, the true value of the interest, the true financial condition of the partnerships, the factors affecting the likelihood that properties owned by the partnerships will be sold or liquidated in the near future, the liquidity and true value of the limited partner interests, the reasons for the limited secondary market for limited partner interests, and the true nature of the market for the underlying real estate assets owned by the Shelter Properties Partnerships, all in violation of the federal securities laws. On September 27, 1995, the parties entered into a stipulation to settle the matter. The principal terms of the stipulation require supplemental payments to tendering limited partners aggregating approximately $6 million to be paid by the Affiliated Purchaser, of which approximately $722,000 is the Partnership's portion; waiver by the Shelter Properties Partnerships' general partners of any right to certain proceeds from a sale or refinancing of the partnerships' properties; some restrictions on Insignia's ability to vote the limited partner interests it acquired; payment of $1.25 million (which amount is divided among the various partnerships and acquiring entities) for plaintiffs' attorney fees and expenses in the litigation; and general releases of all the defendants. On June 24, 1996, after notice to the class and a hearing on the fairness and adequacy of the notice and the terms of settlement, the court orally approved the settlement. The court signed the formal order on July 30, 1996. No appeal was filed within thirty days after the court entered the formal order, and the settlement became effective on August 30, 1996. The Shelter Properties Partnerships made the payments to investors in accordance with the settlement in early September 1996. 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 filed during the quarter ended July 31, 1996: None. 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. SHELTER PROPERTIES VI LIMITED PARTNERSHIP By: Shelter Realty VI Corporation Corporate General Partner By:/s/ William H. Jarrard, Jr. William H. Jarrard, Jr. President and Director By:/s/ Ronald Uretta Ronald Uretta Principal Financial Officer and Principal Accounting Officer Date: September 11, 1996 EX-27 2
5 This schedule contains summary financial information extracted from Shelter Properties VI 1996 Third Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. 0000730013 SHELTER PROPERTIES VI LIMITED PARTNERSHIP 1 9-MOS OCT-31-1996 JUL-31-1996 2,881,631 0 13,886 0 0 0 50,923,811 22,446,726 34,391,271 0 27,509,847 0 0 0 5,503,536 34,391,271 0 7,500,391 0 0 7,482,903 0 1,888,981 0 0 0 0 0 0 16,441 .38 0 Registrant has an unclassified balance sheet.
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