-----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, HcGsYVOEsHX7ImK3MWFM7xVVqBGkr3HXUfddcdEcPaMJ0wyvvD5vzH3/0A3hjydi O2WEBpTGznsNDilB0X/Fnw== 0000780590-97-000001.txt : 19970320 0000780590-97-000001.hdr.sgml : 19970320 ACCESSION NUMBER: 0000780590-97-000001 CONFORMED SUBMISSION TYPE: 10KSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970319 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSOLIDATED CAPITAL PROPERTIES VI CENTRAL INDEX KEY: 0000755908 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 942940204 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10KSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-14099 FILM NUMBER: 97558949 BUSINESS ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLZ STREET 2: POST OFFICE BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 2147020027 MAIL ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLAZA STREET 2: PO BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 10KSB 1 FORM 10-KSB--ANNUAL OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(D) FORM 10-KSB [X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [No Fee Required] For the fiscal year ended December 31, 1996 or [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [No Fee Required] For the transition period.........to......... Commission file number 0-14099 CONSOLIDATED CAPITAL PROPERTIES VI (Name of small business issuer in its charter) California 94-2940204 (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 Securities registered under Section 12(b) of the Exchange Act: None Securities registered under Section 12(g) of the Exchange Act: Units of Limited Partnership Interest (Title of class) 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 Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB. [X] State issuer's revenues for its most recent fiscal year: $3,314,000. State the aggregate market value of the voting partnership interests held by non-affiliates computed by reference to the price at which the partnership interests were sold, or the average bid and asked prices of such partnership interests, as of December 31, 1995: Market value information for the Registrant's partnership interests is not available. Should a trading market develop for these interests, it is management's belief that such trading would not exceed $25,000,000. PART I ITEM 1. DESCRIPTION OF BUSINESS Consolidated Capital Properties VI (the "Partnership" or "Registrant") was organized on May 23, 1984, as a limited partnership under the California Uniform Limited Partnership Act. On December 7, 1984, the Partnership registered with the Securities and Exchange Commission ("SEC") under the Securities Act of 1933 (File No. 2-93900) and commenced a public offering for sale of $50 million of Units. The Units represent equity interests in the Partnership and entitle the holders thereof to participate in certain allocations and distributions of the Partnership. The Partnership subsequently filed a Form 8-A Registration Statement with the SEC and registered under the Securities Exchange Act of 1934 (File No. 0-14099) on December 23, 1985. The sale of Units closed on December 6, 1985, with 181,808 Units sold at $250 each, or gross proceeds of approximately $45.5 million to the Partnership. By the end of fiscal 1987, approximately 51% of the proceeds raised was invested in seven properties and a 75% interest in a joint venture with an affiliated partnership which acquired one property. Of the remaining 49%, 11% was required for organizational and offering expenses, sales commissions and acquisition fees, and 38% was retained in Partnership reserves for project improvements and working capital as required by the Partnership Agreement (herein so called). The General Partner of the Partnership is ConCap Equities, Inc., a Delaware corporation (the "General Partner" or "CEI"). The principal place of business for the Partnership and for the General Partner is One Insignia Financial Plaza, Greenville, South Carolina 29602. The Partnership's primary business and only industry segment is real estate related operations. The Partnership was formed to acquire, own, operate and ultimately dispose of income-producing real properties for the benefit of its partners. At December 31, 1996, the Partnership owns two properties as described in "Item 2 - Description of Property." Previously, the Partnership disposed of six properties. Reserves, consisting of cash and cash equivalents and investments totalling approximately $1,871,000 are less than the reserve requirements of approximately $2,266,000 at December 31, 1996. The Partnership intends to replenish the working capital reserve from cash flow from operations after consideration of any capital improvement needs of the properties. The working capital requirement must be met prior to any consideration for distributions to the partners. See "Item 6 - Management's Discussion and Analysis or Plan of Operations" for a discussion of the Partnership's liquidity and capital resources. The real estate business is highly competitive. The Registrant's real property investments are subject to competition from similar types of properties in the vicinities in which they are located and the Partnership is not a significant factor in its industry. In addition, various limited partnerships have been formed by related parties to engage in business which may be competitive with the Registrant. The Registrant has no employees. Management and administrative services are performed by affiliates of Insignia Financial Group, Inc. ("Insignia"), an affiliate of the General Partner. The property manager is responsible for the day-to-day operations of each property. The General Partner has also selected an affiliate of Insignia to provide real estate advisory and asset management services to the Partnership. As advisor, such affiliate provides all partnership accounting and administrative services, investment management, and supervisory services over property management and leasing. For a further discussion of property and partnership management, see "Item 12". Upon the Partnership's formation in 1984, Consolidated Capital Equities Corporation ("CCEC"), a Colorado corporation, was the corporate general partner and Consolidated Capital Group II ("CCG"), a California general partnership, was the non-corporate general partner. In 1988, through a series of transactions, Southmark Corporation ("Southmark") acquired controlling interest in CCEC. In December 1988, CCEC filed for reorganization under Chapter 11 of the United States Bankruptcy Code. In 1990, as part of CCEC's reorganization plan, CEI acquired CCEC's general partner interests in the Partnership and in 15 other affiliated public limited partnerships (the "Affiliated Partnerships") and CEI replaced CCEC as managing general partner in all 16 partnerships. The selection of CEI as the sole managing general partner was approved by a majority of the limited partners in the Partnership and in each of the Affiliated Partnerships pursuant to a solicitation of the Limited Partnerships dated August 10, 1990. As part of this solicitation, the Limited Partners also approved an amendment to the Partnership Agreement to limited changes of control of the Partnership and approved conversion of the general partner interest of the non-corporate general partner, CCG, to that of a special limited partner ("Special Limited Partner") without voting and other rights of a limited partner except for the economic interest previously held as a general partner. Pursuant to an amendment to the Partnership Agreement, the non-corporate general partner interest of CCG was converted to that of a Special Limited Partner and CEI became the sole general partner of the Partnership on December 31, 1991. All of CEI's outstanding stock is owned by GII Realty, Inc. In December 1994, the parent of GII Realty, Inc., entered into a transaction (the "Insignia Transaction") in which, an affiliate of Insignia, acquired an option (exercisable in whole or in part from time to time) to purchase all of the stock of GII Realty, Inc. and, pursuant to a partial exercise of such option, acquired 50.5% of that stock. As a part of the Insignia Transaction, the Insignia affiliate also acquired all of the outstanding stock of Partnership Services, Inc., an asset management entity and Insignia acquired all of the outstanding stock of Coventry Properties, Inc., a property management entity. In addition, confidentiality, non-competition, and standstill arrangements were entered into between certain of the parties. Those arrangements, among other things, prohibit GII Realty's former sole shareholder from purchasing Partnership Units for a period of three years. On October 24, 1995, the Insignia affiliate exercised the remaining portion of its option to purchase all of the remaining outstanding capital stock of GII Realty, Inc. ITEM 2. DESCRIPTION OF PROPERTY The Partnership originally acquired seven properties of which two were sold, two were conveyed to lenders, two of three phases in a property were conveyed to the lender and the remaining phase was sold, and one property was foreclosed on, in fiscal years prior to 1994. The Partnership also originally acquired a 75% interest in a real estate joint venture. In April 1994, the Partnership purchased the remaining 25% interest in the real estate joint venture. As of December 31, 1996, the Partnership owns two properties as noted below: Date of Property Purchase Type of Ownership Use Celina Plaza Apartments 08/07/85 Fee ownership subject Apartment - El Paso, Texas to first, second and 289 units third mortgages. Colonyof Springdale Apartments 02/20/87 Fee ownership subject Apartment - Springdale, Ohio to first mortgage. 261 units SCHEDULE OF PROPERTIES: (dollar amounts in thousands) Carrying Accumulated Federal Property Value Depreciation Rate Method Tax Basis Celina Plaza $ 6,926 $3,849 5-19 years S/L $2,872 Colony of Springdale 9,738 3,301 5-30 years S/L 5,764 Totals $16,664 $7,150 $8,636 See "Note A" of the Financial Statements included in "Item 7" for a description of the Partnership's depreciation policy. SCHEDULE OF MORTGAGES: (dollar amounts in thousands) Principal Principal Balance At Stated Balance December 31, Interest Maturity Due At Property 1996 Rate Date Maturity Celina Plaza 1st mortgage $ 1,696 8.75% 07/97 $1,587 2nd mortgage 52 8.75% 07/97 49 3rd mortgage 4,025 (1) 07/97 4,025 Colony of Springdale 1st mortgage 4,468 9.50% 05/01 4,152 10,241 $9,813 Mortgage discounts (102) $10,139 (1) The net wrap-mortgage loan collateralized by Celina Plaza Apartments requires quarterly contingent interest payments of 50% of Celina Plaza's cash flow as defined in the Promissory Note. Contingent interest payments of approximately $74,000 were made in 1996, and approximately $42,000 were made in 1995. This loan is evidenced by an all-inclusive note which wraps around the 1st and 2nd mortgages but is presented above as net of these loans. SCHEDULE OF RENTAL RATES AND OCCUPANCY: Average Annual Average Rental Rates Occupancy Property 1996 1995 1996 1995 (per unit) (per unit) Celina Plaza $6,305 $6,294 89% 90% Colony of Springdale $6,270 $6,124 91% 88% As noted under "Item 1. Description of Business," the real estate industry is highly competitive. All of the properties of the Partnership are subject to competition from other residential apartment complexes in the area. The General Partner believes that all of the properties are adequately insured. The properties' lease terms are for one year or less and no tenant leases 10% or more of the available rental space. Capital improvements made in the fourth quarter of 1995 at the Colony of Springdale increased the curb appeal of the property thereby enhancing the property's ability to attract higher quality tenants. Also, stricter tenant qualification procedures have improved the tenant base and positively impacted occupancy. Ongoing property improvements at both locations, resulting in improved consumer appeal, continue to positively impact rental rates. SCHEDULE OF REAL ESTATE TAXES AND RATES: (Dollar amounts in thousands) Real estate taxes and rates in 1996 for each property were: 1996 1996 Taxes Rate Celina Plaza $168 2.8% Colony of Springdale 112 4.4% ITEM 3. LEGAL PROCEEDINGS The Registrant is unaware of any pending or outstanding litigation that is not of a routine nature. The General Partner of the Registrant 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 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS During the fourth quarter of the year ended December 31, 1996, no matters were submitted to a vote of the Unitholders through the solicitation of proxies or otherwise. PART II ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED SECURITY HOLDER MATTERS (A) No established public trading market for Partnership Units exists nor is one expected to develop. (B) Title of Class Number of Unit Holders of Record Limited Partnership Units 3,771 as of December 31, 1996 (C) There were no cash distributions to the Limited Partners during the year ended December 31, 1996. In March 1995, the General Partner declared and paid distributions, attributable to cash flow from operations, totalling approximately $275,000 to the partners. See "Item 6 - Management's Discussion and Analysis or Plan of Operations." ITEM 6.MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS Results of Operations The Partnership realized a net loss of approximately $553,000 for the year ended December 31, 1996, compared to a net loss of approximately $750,000 for the year ended December 31, 1995. The decreased net loss is due primarily to decreased general and administrative and maintenance expenses, partially offset by a decrease in other income and increased operating expenses. Other income decreased due to the non-recurring nature of dividends received on the Partnership's investment in Southmark Preferred Stock during the second quarter of 1995, and due to reduced interest income resulting from lower cash balances available for investment. The increase in property operating expenses is due primarily to higher concessions being granted to attract tenants to the Celina Plaza Apartments in El Paso. Administrative expenses decreased due to prior year amounts being unusually high due to legal costs associated with the Partnership's required responses to various tender offers in 1995 and approximately $53,000 of expense reimbursements related to the efforts of the Dallas partnership administration staff during the transition period in 1995. Administrative expenses were also higher for the year ended December 31, 1995, due to a special management fee of approximately $24,000 related to the distribution made to the limited partners in March 1995. Maintenance expenses decreased as a result of 1995 amounts being unusually high due to exterior painting done at both of the Partnership's properties during the third and fourth quarters of 1995 in efforts to improve the curb appeal of the Partnership's properties. Included in maintenance expenses is approximately $75,000 of major repairs and maintenance comprised primarily of major landscaping, exterior building improvements, window coverings and parking lot repairs for the year ended December 31, 1996. 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. Liquidity and Capital Resources As of December 31, 1996, the Partnership had unrestricted cash of approximately $1,478,000 as compared to approximately $1,311,000 at December 31, 1995. Net cash provided by operating activities increased primarily due to the receipt of an insurance refund of approximately $177,000 and the decreased administrative costs and maintenance expenses discussed above partially offset by increased operating expenses. Net cash provided by investing activities decreased as a result of the Partnership investing in shorter term cash equivalents during 1996 rather than longer term securities. Net cash used in financing activities decreased due to the lack of partner distributions during 1996. The Partnership is required to maintain working capital reserves for contingencies of not less than 5% of Net Invested Capital as defined in the Partnership Agreement. In the event expenditures are made from these reserves, operating revenue shall be allocated to such reserves to the extent necessary to maintain the foregoing level. Reserves, consisting of cash and cash equivalents, tenant security deposits and investments totalling approximately $1,871,000 are less than the reserve requirement of approximately $2,266,000 at December 31, 1996. The Partnership intends to replenish the working capital reserve from cash flow from operations after consideration of any capital improvement needs of the properties. The working capital requirement must be met prior to any consideration for distributions to the partners. 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 meet 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 approximately $10,139,000, net of discounts, matures at various times with balloon payments due at maturity, at which time the properties will either be refinanced or sold. The mortgage indebtedness of approximately $5,773,000 secured by Celina Plaza, matures in July of 1997. The General Partner is currently in negotiations with the existing lender to obtain a work-out on these mortgages and is also exploring the possibility of refinancing this debt; however, there is no assurance that these negotiations will be successful. Future cash distributions will depend on the levels of net cash generated from operations, capital expenditure requirements, property sales and the availability of cash reserves. No cash distributions were made in 1996. During the year of 1995, distributions of approximately $275,000 were declared and paid. ITEM 7. FINANCIAL STATEMENTS CONSOLIDATED CAPITAL PROPERTIES VI LIST OF FINANCIAL STATEMENTS Report of Independent Auditors Consolidated Balance Sheet - December 31, 1996 Consolidated Statements of Operations - Years ended December 31, 1996 and 1995 Consolidated Statements of Changes in Partners- Capital (Deficit) - Years ended December 31, 1996 and 1995 Consolidated Statements of Cash Flows - Years ended December 31, 1996 and 1995 Notes to Consolidated Financial Statements Report of Ernst & Young LLP, Independent Auditors The Partners Consolidated Capital Properties VI We have audited the accompanying consolidated balance sheet of Consolidated Capital Properties VI as of December 31, 1996, and the related consolidated statements of operations, changes in partners' capital (deficit) and cash flows for each of the two years in the period ended December 31, 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Partnership's management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Consolidated Capital Properties VI as of December 31, 1996, and the consolidated results of its operations and its cash flows for each of the two years in the period ended December 31, 1996, in conformity with generally accepted accounting principles. /s/ ERNST & YOUNG LLP Greenville, South Carolina January 30, 1997 CONSOLIDATED CAPITAL PROPERTIES VI CONSOLIDATED BALANCE SHEET December 31, 1996 (in thousands, except unit data) Assets Cash and cash equivalents: Unrestricted $ 1,478 Restricted - tenant security deposits 88 Investments 305 Accounts receivable 29 Escrows for taxes and insurance 108 Restricted escrows 68 Other assets 131 Investment properties: Land $ 1,652 Buildings and personal property 15,012 16,664 Less accumulated depreciation (7,150) 9,514 $11,721 Liabilities and Partners' Capital (Deficit) Liabilities Accounts payable $ 203 Tenant security deposits 88 Accrued taxes 113 Other liabilities 228 Mortgage notes payable 10,139 Partners' Capital (Deficit) General partner $ (6) Special limited partners (61) Limited partners (181,288 units issued and outstanding) 1,017 950 $11,721 See Accompanying Notes to Consolidated Financial Statements CONSOLIDATED CAPITAL PROPERTIES VI CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except unit data) Years Ended December 31, 1996 1995 Revenues: Rental income $3,068 $3,037 Other income 246 324 Total revenues 3,314 3,361 Expenses: Operations 1,267 1,101 General and administrative 179 460 Maintenance 540 726 Depreciation 713 676 Interest 890 874 Property tax 278 274 Total expenses 3,867 4,111 Net loss $ (553) $ (750) Net loss allocated to general partners (0.2%) $ (1) $ (2) Net loss allocated to limited partners (99.8%) (552) (748) $ (553) $ (750) Net loss per limited partnership unit $(3.04) $(4.13) See Accompanying Notes to Consolidated Financial Statements CONSOLIDATED CAPITAL PROPERTIES VI CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) Years Ended December 31, 1996 and 1995 (in thousands, except unit data)
Limited Special Partnership General Limited Limited Units Partner Partners Partners Total Original capital contributions 181,808 $ 1 $ -- $45,452 $45,453 Partners' capital (deficit) at December 31, 1994 181,300 $ (2) $ (68) $ 2,598 $ 2,528 Abandonment of limited partnership units (12) -- -- -- -- Distributions paid -- (1) (11) (263) (275) Amortization of timing difference -- -- 9 (9) -- Net loss for the year ended December 31, 1995 -- (2) -- (748) (750) Partners' capital (deficit) at December 31, 1995 181,288 (5) (70) 1,578 1,503 Amortization of timing difference -- -- 9 (9) -- Net loss for the year ended December 31, 1996 -- (1) -- (552) (553) Partners' capital (deficit) at December 31, 1996 181,288 $ (6) $ (61) $ 1,017 $ 950 See Accompanying Notes to Consolidated Financial Statements
CONSOLIDATED CAPITAL PROPERTIES VI CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
Years Ended December 31, 1996 1995 Cash flows from operating activities: Net loss $ (553) $ (750) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 713 676 Amortization of loan costs and discounts 229 228 Loss on disposition of property 31 -- Change in accounts: Restricted cash 7 (95) Accounts receivable (19) (10) Escrows for taxes and insurance 47 116 Prepaid and other assets 194 (133) Accounts payable 27 143 Tenant security deposit liabilities (7) (7) Accrued taxes 1 (148) Other liabilities (56) 99 Net cash provided by operating activities 614 119 Cash flows from investing activities: Property improvements and replacements (404) (483) Purchase of investments -- (5,713) Proceeds from sale of investments 85 7,519 Deposits to restricted escrows (93) (80) Receipts from restricted escrows 163 -- Net cash (used in) provided by investing activities (249) 1,243 Cash flows from financing activities: Payments on mortgage notes payable (198) (190) Distributions to partners -- (275) Net cash used in financing activities (198) (465) Net increase in cash and cash equivalents 167 897 Cash and cash equivalents at beginning of period 1,311 414 Cash and cash equivalents at end of period $ 1,478 $ 1,311 Supplemental disclosure of cash flow information: Cash paid for interest $ 661 $ 614 See Accompanying Notes to Consolidated Financial Statements
CONSOLIDATED CAPITAL PROPERTIES VI NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 1996 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Consolidated Capital Properties VI, a California limited partnership (the "Partnership" or "Registrant"), was formed on May 23, 1984, to acquire and operate commercial and residential properties. As of December 31, 1996, the Partnership owns two residential properties located in or near major urban areas in the United States. At the time of the Partnership's formation, Consolidated Capital Equities Corporation ("CCEC"), a Colorado corporation, was the corporate general partner and Consolidated Capital Group II ("CCG"), a California general partnership, was the non-corporate general partner. In 1988, through a series of transactions, Southmark Corporation ("Southmark") acquired controlling interest in CCEC. In December 1988, CCEC filed for reorganization under Chapter 11 of the United States Bankruptcy Code. In 1990, as part of CCEC's reorganization plan, ConCap Equities, Inc. (the "General Partner" or "CEI") acquired CCEC's general partner interests in the Partnership and in 15 other affiliated public limited partnerships (the "Affiliated Partnerships") and CEI replaced CCEC as managing general partner in all 16 partnerships. The selection of CEI as the sole managing general partner was approved by a majority of the Limited Partners in the Partnership and in each of the Affiliated Partnerships pursuant to a solicitation of the Limited Partners dated August 10, 1990. As part of this solicitation, the Limited Partners also approved an amendment to the Partnership Agreement to limit changes of control of the Partnership. All of CEI's outstanding stock is owned by GII Realty, Inc. In December 1994, the parent of GII Realty, Inc., entered into a transaction (the "Insignia Transaction") in which, an affiliate of Insignia, acquired an option (exercisable in whole or in part from time to time) to purchase all of the stock of GII Realty, Inc. and, pursuant to a partial exercise of such option, acquired 50.5% of that stock. As a part of the Insignia Transaction, the Insignia affiliate also acquired all of the outstanding stock of Partnership Services, Inc., an asset management entity and Insignia acquired all of the outstanding stock of Coventry Properties, Inc., a property management entity. In addition, confidentiality, non-competition, and standstill arrangements were entered into between certain of the parties. Those arrangements, among other things, prohibit GII Realty's former sole shareholder from purchasing Partnership Units for a period of three years. On October 24, 1995, the Insignia affiliate exercised the remaining portion of its option to purchase all of the remaining outstanding capital stock of GII Realty, Inc. On December 31, 1991, the non-corporate general partner interest of CCG was converted to that of a Special Limited Partner, as more fully described in "Note E". Consolidation The Partnership's financial statements include the accounts of Colony of Springdale Associates, Ltd. ("Colony Associates"), which holds fee title to the Colony of Springdale Apartments. The results of its operations are included in the Partnership's financial statements. All intercompany transactions between the Partnership and Colony Associates have been eliminated. Investment Properties Prior to the fourth quarter of 1995, investment properties were carried at the lower of cost or estimated fair value, which was determined using the higher of the property's non-recourse debt amount, when applicable, or the net operating income of the investment property capitalized at a rate deemed reasonable for the type of property. During the fourth quarter of 1995 the Partnership adopted "FASB Statement No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of", which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. The impairment loss is measured by comparing the fair value of the asset to its carrying amount. The effect of adoption was not material. Depreciation Buildings and improvements are depreciated using the straight-line method over the estimated useful lives of the assets, ranging from 5 to 30 years. Cash and cash equivalents Unrestricted - Unrestricted cash includes cash on hand and in banks, demand deposits, money market funds, and certificates of deposit with original maturities of ninety days or less. 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 new lessees for the duration of the lease with such deposits being 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. Reclassifications Certain reclassifications have been made to the 1995 information to conform to the 1996 presentation. Investments In 1994, the Partnership adopted "Statements of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities." Investments, consisting primarily of U.S. Treasury notes with original maturities more than ninety days, are considered to be held-to-maturity securities. As the Investments' fair value approximate their cost, any unrealized gains or losses are immaterial and therefore have not been recorded in the accompanying financial statements. The cost of Investments sold is determined using the specific identification method. The Investments mature as follows (dollar amounts in thousands): Description Cost Maturity U.S. Treasury Notes $ 298 February 1998 Equity Securities 7 N/A $ 305 Fair Value In 1995, the Partnership implemented "Statement of Financial Accounting Standards No. 107, Disclosure about Fair Value of Financial Instruments," which requires disclosure of fair value information about financial instruments for which it is practicable to estimate that value. The carrying amount of the Partnership's cash and cash equivalents approximates fair value due to short- term maturities. The Partnership estimates the fair value of its fixed rate mortgages by discounted cash flow analysis, based on estimated borrowing rates currently available to the Partnership. Discounts on Notes Payable Discounts on notes payable are amortized using the straight-line method over the remaining terms of the related notes. Rental Income The Partnership leases its residential property under short-term operating leases. Lease terms are generally one year or less in duration. Allocation of Net Income and Net Loss The Partnership Agreement, as amended and as described more fully in "Note E", provides for net income and net losses for both financial and tax reporting purposes to be allocated 99.8% to the Limited Partners and .2% to the General Partner. Advertising Costs Advertising costs of approximately $68,000 in 1996, and approximately $62,000 in 1995 were charged to expenses as incurred and are included in operating expenses. 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 amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. NOTE B - RELATED PARTY TRANSACTIONS The Partnership has no employees and is dependent on the General Partner and affiliates of Insignia for the management and administration of all of the Partnership activities, as provided for in the Partnership agreement. The Partnership has paid property management fees based upon collected gross rental revenues for property management services in each of the twelve months ended December 31, 1996 and 1995. Property management fees of approximately $160,000 and $159,000 were paid to affiliates of the General Partner for the twelve months ended December 31, 1996 and 1995, respectively. These fees are included in operating expenses. The Limited Partnership Agreement ("Partnership Agreement") provides for a special management fee equal to 9% of the total distributions made to the limited partners to be paid to the General Partner for executive and administrative management services. The Partnership paid approximately $24,000 to affiliates of the General Partner during 1995 under this provision of the Partnership Agreement. No such fees were paid or accrued in 1996. The Partnership Agreement also provides for reimbursement to the General Partner and its affiliates for costs incurred in connection with the administration of Partnership activities. Reimbursements for services of affiliates of approximately $119,000 and $123,000 were paid to the General Partner and affiliates for the twelve months ended December 31, 1996 and 1995, respectively. In July 1995, the Partnership began insuring its properties under a master policy through an agency and 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 current year's master policy. The current agent assumed the financial obligations to the affiliate of the General Partner who receives payment on these obligations from the agent. The amount of the Partnership's insurance premiums accruing to the benefit of the affiliate of the General Partner by virtue of the agent's obligations is not significant. NOTE C - COMMITMENT The Partnership is required to maintain working capital reserves for contingencies of not less than 5% of Net Invested Capital as defined in the Partnership Agreement. In the event expenditures are made from these reserves, operating revenue shall be allocated to such reserves to the extent necessary to maintain the foregoing level. Reserves, consisting of cash and cash equivalents, tenant security deposits and investments totalling approximately $1,871,000 are less than the reserve requirement of approximately $2,266,000 at December 31, 1996. The Partnership intends to replenish the working capital reserve from cash flow from operations after consideration of any capital improvement needs of the properties. The working capital requirement must be met prior to any consideration for distributions to the partners. NOTE D - CHANGE IN STATUS OF NON-CORPORATE GENERAL PARTNER During the year ended December 31, 1991, the Partnership Agreement was amended to convert the General Partner interests held by the non-corporate General Partner, Consolidated Capital Group II ("CCG"), to that of special limited partners ("Special Limited Partners"). The Special Limited Partners do not have a vote and do not have any of the other rights of a Limited Partner except the right to inspect the Partnership's books and records; however, the Special Limited Partners will retain the economic interest in the Partnership which they previously owned as general partner. ConCap Equities, Inc. ("CEI") became the sole general partner of the Partnership effective December 31, 1991. In connection with CCG's conversion, a special allocation of gross income was made to the Special Limited Partners in order to eliminate its tax basis negative capital account. After the conversion, the various Special Limited Partners transferred portions of their interests to CEI so that CEI now holds a .2% interest in all allocable items of income, loss and distribution. The differences between the Special Limited Partners' capital accounts for financial statement and tax reporting purposes are being amortized to the Limited Partners' capital account as the components of the timing differences which created the balance reverse. NOTE E - DISTRIBUTIONS No distributions were declared or paid during the twelve months ended December 31, 1996. In March 1995, the Partnership declared and paid distributions, attributable to cash flow from operations, totalling approximately $275,000 to the partners. NOTE F - MORTGAGE NOTES PAYABLE The principal terms of mortgage notes payable are as follows (dollar amounts in thousands): Principal Monthly Principal Balance At Payment Stated Balance December 31, Including Interest Maturity Due At Property 1996 Interest Rate Date Maturity Celina Plaza Apartments 1st mortgage $ 1,696 $ 26 8.75% 07/97(2)$ 1,587 2nd mortgage 52 1 8.75% 07/97(2) 49 3rd mortgage 4,025 -- (1) 07/97(2) 4,025 Colony of Springdale 1st mortgage 4,468 40 9.50% 05/01 4,152 10,241(3) Mortgage discounts (102) Totals $ 10,139 $ 67 $ 9,813 (1) The wrap-mortgage loan collateralized by Celina Plaza Apartments requires quarterly contingent interest payments of 50% of Celina Plaza's cash flow as defined in the Promissory Note. Contingent interest payments of approximately $74,000 were made in 1996, and approximately $42,000 were made in 1995. This loan is evidenced by an all-inclusive note which wraps around the 1st and 2nd mortgages but is presented above as net of these loans. (2) The General Partner is currently in negotiations with the existing lender to obtain a work-out on these mortgages and is also exploring the possibility of refinancing this debt; however there is no assurance that these negotiations will be successful. (3) The estimated fair values of the Partnership's aggregate debt (excluding the Celina Plaza 3rd mortgage) is approximately $6,256,000. This value represents a general approximation of possible value and is not necessarily indicative of the amounts the Partnership may pay in actual market transactions. Due to the difficulty of forecasting the future cash flows of the Celina Plaza Apartments, the Partnership has determined that it is not practicable to estimate the fair value of the $4,025,000 third mortgage. Scheduled principal payments of mortgage notes payable subsequent to December 31, 1996 are as follows (in thousands): 1997 $ 5,834 1998 66 1999 73 2000 80 2001 4,188 $10,241 NOTE G - INVESTMENT PROPERTIES AND ACCUMULATED DEPRECIATION Initial Cost To Partnership Buildings Cost and Related Capitalized Personal Subsequent to Description Encumbrances Land Property Acquisition (in thousands) Celina Plaza El Paso, Texas $ 5,773 $ 736 $ 4,930 $1,260 Colony of Springdale Springdale, Ohio 4,468 909 8,358 471 Totals $10,241 $1,645 $13,288 $1,731
Gross Amount At Which Carried At December 31, 1996 Buildings And Related Personal Accumulated Date Depreciable Description Land Property Total Depreciation Acquired Life-Years (Amounts in thousands) Celina Plaza $ 736 $ 6,190 $ 6,926 $3,849 8/07/85 5-19 Colony of Springdale 916 8,822 9,738 3,301 2/20/87 5-30 Totals $1,652 $15,012 $16,664 $7,150
Reconciliation of "Investment Properties and Accumulated Depreciation" (in thousands): Years Ended December 31, 1996 1995 Investment Properties Balance at beginning of year $16,306 $15,823 Property improvements: 404 483 Disposals of property (46) -- Balance at End of Year $16,664 $16,306 Accumulated Depreciation Balance at beginning of year $ 6,452 $ 5,776 Additions charged to expense 713 676 Disposals of property (15) -- Balance at end of year $ 7,150 $ 6,452 The aggregate cost of the real estate for Federal income tax purposes at December 31, 1996 and 1995 is approximately $15,873,000 and $15,469,000. The accumulated depreciation taken for Federal income tax purposed at December 31, 1996 and 1995 is approximately $7,237,000 and $6,613,000, respectively. NOTE H - INCOME TAXES Taxable income or loss of the Partnership is reported in the income tax returns of its partners. Accordingly, no provision for income taxes is made in the financial statements of the Partnership. Differences between the net loss as reported and Federal taxable loss result primarily from (1) depreciation over different methods and lives and on differing cost bases of apartment properties, (2) change in rental income received in advance. The following is a reconciliation of reported net loss and Federal taxable loss (in thousands, except unit data): 1996 1995 Net income (loss) as reported $ (553) $ (750) Add (deduct): Depreciation differences 90 89 Unearned income (67) 86 Other (156) (201) Accruals and prepaids 18 15 Federal taxable income (loss) $ (668) $ (761) Federal taxable income (loss) per limited partnership unit $(3.52) $(4.03) The following is a reconciliation betweent the Partnership's reported amounts and Federal tax basis of net assets and liabilities (in thousands): Net assets as reported $ 950 Land and buildings 137 Accumulated depreciation (342) Syndication and distribution costs 4,989 Other 282 Net assets - Federal tax basis $6,016 NOTE I - ABANDONED LIMITED PARTNERSHIP UNITS For the year ended December 31, 1995, the number of Limited Partnership Units decreased by 12 units, due to limited partners abandoning their units. In abandoning Limited Partnership Units, a limited partner relinquishes all right, title and interest in the Partnership as of the date of abandonment. ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. PART III ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS, COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT The Registrant has no officers or directors. The General Partner manages and controls the Registrant and has general responsibility and authority in all matters affecting its business. The name of the directors and executive officers of ConCap Equities, Inc. ("CEI"), the Partnership's General Partner, as of December 31, 1996, their age and the nature of all positions with CEI presently held by them are set forth below. There are no family relationships between or among any officers and directors. Name Age Position William H. Jarrard, Jr. 50 President Ronald Uretta 41 Vice President/Treasurer Martha L. Long 37 Controller John K. Lines, Esq. 37 Vice President/Secretary Kelley M. Buechler 39 Assistant Secretary William H. Jarrard, Jr. has been President of CEI since December 1996 and Managing Director-Partnership Administration of Insignia since January 1991. Mr. Jarrard served as Managing Director - Partnership Administration and Asset Management from July 1994 until January 1996. Ronald Uretta has been Vice President/Treasurer of CEI since December 1996 and Insignia's Treasurer since January 1992. Since August 1996, he has also served as Insignia's Chief Operating Officer. He has also served as Insignia's Secretary from January 1992 to June 1994 and as Insignia's Chief Financial Officer from January 1992 to August 1996. Since September 1990, Mr. Uretta has also served as the Chief Financial Officer and Controller of Metropolitan Asset Group. Martha L. Long has been Controller of CEI since December 1996 and Senior Vice President - Finance and Controller of Insignia since January 1997. In June 1994, Ms. Long joined Insignia as its Controller, and was promoted to Senior Vice President - Finance in January 1997. Prior to that time, she was Senior Vice President and Controller of The First Savings Bank, FSB in Greenville, SC. John K. Lines, Esq. has been Secretary of CEI since December 1994 and General Counsel and Secretary of Insignia since July 1994. From May 1993 until June 1994, Mr. Lines was the Assistant General Counsel and Vice President of Ocwen Financial Corporation in West Palm Beach, Florida. From October 1991 until April 1993, Mr. Lines was a Senior Attorney with Banc One Corporation in Columbus, Ohio. From May 1984 until October 1991, Mr. Lines was employed as an associate with Squire Sanders & Dempsey in Columbus, Ohio. Kelley M. Buechler has been Assistant Secretary of CEI since December 1994 and Assistant Secretary of Insignia since January 1991. During the five years prior to joining Insignia in 1991, she served in a similar capacity for U.S. Shelter. CEI is the general partner of the Partnership and 13 other Affiliated Partnerships as of December 31, 1996. ITEM 10. EXECUTIVE COMPENSATION No direct compensation was paid or payable by the Partnership to directors or officers for the year ended December 31, 1996, nor was any direct compensation paid or payable by the Partnership to directors or officers of the General Partner for the year ended December 31, 1996. The Partnership has no plans to pay any such remuneration to any directors or officers of the General Partner in the future. See "Item 7 - Financial Statements, Note B - Related Party Transactions", for amounts of compensation and reimbursement of salaries paid by the Partnership to the General Partner and its affiliates and the former general partner and former affiliates. ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT (a) Security Ownership of Certain Beneficial Owners Except as provided below, as of March 1997, no person was known to CEI to own of record or beneficially more than five percent of the Units of the Partnership. Number of Percent Name and Address Units Of Total Insignia Properties, L.P. 41,576 22.93% One Insignia Financial Plaza Greenville, SC 29602 Insignia Properties, L.P. is an affiliate of Insignia. As of February 1997, no other person was known to CEI to own of record or beneficially more than 5 percent (5%) of the Units of the Partnership. (b) Beneficial Owners of Management Neither CEI nor any of the directors or officers or associates of CEI own any Units of the Partnership of record or beneficially. (c) Changes in Control Beneficial Owners of CEI As of February 1997, the following persons were known to CEI to be the beneficial owners of more than 5 percent (5%) of its common stock: Number of Percent Name and Address CEI Shares Of Total GII Realty, Inc. 100,000 100% One Insignia Financial Plaza Greenville, SC 29602 GII Realty, Inc. is owned by an affiliate of Insignia (See "Item 1"). ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS Transactions with Current Management and Others Except for the transactions described below, neither CEI nor any of its directors, officers or associates, or any associates of any of them, has had any interest in any other transaction to which the Partnership is a party. Please refer to "Item 7 - Financial Statements, Note B - Related Party Transactions", for the amounts and items of permissible compensation and fees paid to the General Partner and its affiliates and other related parties for the last two years. The Partnership has paid property management fees to affiliates of the General Partner based upon collected gross rental revenues for property management services in each of the years ended December 31, 1996, and 1995, respectively. All of the above-referenced agreements with affiliates of CEI and related parties of the Partnership are subject to the conditions and limitations imposed by the Partnership Agreement. Conversion of Non-Corporate General Partner; Special Allocation In the year ended December 31, 1991, the Partnership Agreement was amended to convert the general partner interest held by the non-corporate general partner, CCG, to that of a special limited partner ("Special Limited Partner"). The Special Limited Partner does not have a vote and does not have any of the other rights of a Limited Partner except the right to inspect the Partnership's books and records; however, the Special Limited Partner will retain the economic interest in the Partnership which it previously owned as general partner. CEI became the sole general partner of the Partnership effective as of December 31, 1991. In connection with CCG's conversion, a special allocation of gross income was made to the Special Limited Partner in order to eliminate its tax basis negative capital account. After the conversion, the various owners of interests in the Special Limited Partner transferred portions of their interests to CEI so that CEI now holds a .2% interest in all allocable items of income, loss and distribution. The difference between the Special Limited Partners' capital accounts for financial statement and tax reporting purposes is being amortized to the Limited Partners' capital account as the components of the timing differences which created the balance reverse. ITEM 13. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON FORM 8-K (a) Exhibits: Exhibit 27, Financial Data Schedule, is filed as an exhibit to this report. See Exhibit Index contained herein for listing of exhibits. (b) Reports on Form 8-K filed during the fourth quarter of 1996: None. SIGNATURES In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CONSOLIDATED CAPITAL PROPERTIES VI By: CONCAP EQUITIES, INC. General Partner By: /s/William H. Jarrard, Jr. President By: /s/Ronald Uretta Ronald Uretta Vice President/Treasurer Date: March 19, 1997 In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated. /s/William H. Jarrard, Jr. President William H. Jarrard, Jr. /s/Ronald Uretta Vice President/Treasurer Ronald Uretta INDEX OF EXHIBITS EXHIBIT NO. DOCUMENT DESCRIPTION 3 Certificates of Limited Partnership as amended to date. 10.1 Bill of Sale and Assignment dated October 23, 1990, by and between CCEC and ConCap Services Company (Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended September 30, 1990). 10.2 Assignment and Assumption Agreement dated October 23, 1990, by and between CCEC and ConCap Management Limited Partnership ("CCMLP") (Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended September 30, 1990). 10.3 Property Management Agreement No. 119 dated April 9, 1991, by and between Colony Springdale Associates and CCMLP. (Incorporated by reference to the Annual Report on Form 10-K for the year ended December 31, 1991). 10.4 Assignment and Agreement as to Certain Property Management Services dated April 9, 1991, by and between CCMLP and ConCap Capital Company. (Incorporated by reference to the Annual Report on Form 10-K for the year ended December 31, 1991). 10.5 Investor Services Agreement dated October 23, 1990, by and between the Partnership and CCEC (Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended September 30, 1990). 10.6 Assignment and Assumption Agreement (Investor Services Agreement) dated October 23, 1990, by and between CCEC and ConCap Services Company. (Incorporated by reference to the Annual Report on Form 10-K for the year ended December 31, 1990). 10.7 Letter of Notice dated December 20, 1991, from Partnership Services, Inc. ("PSI") to the Partnership regarding the change in ownership and dissolution of ConCap Services Company whereby PSI assumed the Investor Services Agreement. (Incorporated by reference to the Annual Report on Form 10-K for the year ended December 31, 1991). 10.8 Financial Services Agreement dated October 23, 1990, by and between the Partnership and CCEC (Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended September 30, 1990). 10.9 Assignment and Assumption Agreement (Financial Services Agreement) dated October 23, 1990, by and between CCEC and ConCap Capital Company (Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended September 30, 1990). 10.10 Letter of Notice dated December 20, 1991, from PSI to the Partnership regarding the change in ownership and dissolution of ConCap Capital Company whereby PSI assumed the Financial Services Agreement. (Incorporated by reference to the Annual Report on Form 10-K for the year ended December 31, 1991). 10.11 Property Management Agreement No. 421 datedMay 13, 1993, by and between the Partnership and Coventry Properties, Inc. (Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended September 30, 1993). 10.12 Assignment and Assumption Agreement(Property Management Agreement No. 421) dated May 13, 1993, by and between Coventry Properties, Inc. R&B Apartment Management Company, Inc. and Partnership Services, Inc. (Incorporated by reference to the Quarterly Report on Form 10-Q for thequarter ended September 30, 1993). 10.13 Assignment and Agreement as to Certain Property Management Services dated May 13, 1993, by and between Coventry Properties, Inc. and Partnership Services, Inc. (Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended September 30, 1993). 10.14 Property Management Agreement No. 515 dated June 1, 1993, by and between the Partnership and Coventry Properties, Inc. 10.15 Assignment and Agreement as to Certain Property Management Services dated November 17, 1993, by and between Coventry Properties, Inc. and Partnership Services, Inc. 10.16 Stock and Asset Purchase Agreement, dated December 8, 1994 (the "Gordon Agreement"), among MAE-ICC, Inc. ("MAE-ICC"), Gordon Realty Inc. ("Gordon"), GII Realty, Inc. ("GII Realty"), and certain other parties. (Incorporated by reference to Form 8-K dated December 8, 1994) 10.17 Exercise of the Option (as defined in the Gordon Agreement), dated December 8, 1994, between MAE-ICC and Gordon. (Incorporated by reference to Form 8-K dated December 8, 1994) 10.18 Exercise of the remaining portion of the Option (as defined in the Gordon Agreement) dated December 8, 1994, between MAE-ICC and Gordon. (Incorporated by reference to Form 8-K dated October 24, 1995) 11 Statement regarding computation of Net Income per Limited Partnership Unit (Incorporated by reference to Note 1 of Item 8 - Financial Statements of this Form 10-K). 16.1 Letter, Dated August 12, 1992, from Ernst & Young to the Securities and Exchange Commission regarding change in certifying accountant. (Incorporated by reference to Form 8-K dated August 6, 1992) 16.2 Letter dated May 9, 1995 from the Registrant's former independent accountant regarding its concurrence with the statements made by the Registrant regarding a change in the certifying accountant. (Incorporated by reference to Form 8-K dated May 3, 1995) EX-27 2
5 This schedule contains summary financial information extracted from Consolidated Capital Properties VI 1996 Year-End 10-KSB and is qualified in its entirety by reference to such 10-KSB filing. 0000755908 CONSOLIDATED CAPITAL PROPERTIES VI 1,000 12-MOS DEC-31-1996 DEC-31-1996 1,478 305 29 0 0 0 16,664 7,150 11,721 0 10,139 0 0 0 950 11,721 0 3,314 0 0 3,867 0 890 0 0 0 0 0 0 (553) (3.04) 0 Registrant has an unclassified balance sheet. Multiplier is 1.
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