UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended March 31, 2005
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: 0-17466
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - VI A
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(Exact name of registrant as specified in its charter)
Delaware 16-1309987
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(State of organization) (IRS Employer Identification No.)
2350 North Forest Road, Getzville, New York 14068
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(Address of principal executive offices)
(716) 636-0280
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(Registrant's telephone number)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements
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Condensed Consolidated Balance Sheets
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(Unaudited)
March 31, December 31,
2005 2004
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Assets
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Cash and equivalents $ 73,409 132,120
Receivable from affiliates 80,292 62,681
Other assets 5,000 5,000
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Total assets $ 158,701 199,801
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Liabilities and Partners' Equity
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Accounts payable and accrued expenses 46,731 47,823
Equity in gains of unconsolidated joint venture
in excess of investment (37,836) (6,326)
Partners' equity 149,806 158,304
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Total liabilities and partners' equity $ 158,701 199,801
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Condensed Consolidated Statements of Operations
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(Unaudited)
Three months ended March 31,
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2005 2004
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Interest and other income $ 4,023 4,097
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Property operating costs - 37,063
Administrative expense - affiliates 3,025 9,000
Other administrative expense 41,006 38,299
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Total expenses 44,031 84,362
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Loss before equity in earnings of joint venture (40,008) (80,265)
Equity in earnings of joint venture 31,510 15,287
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Net loss $ (8,498) (64,978)
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Net loss per limited partnership unit $ (.05) (.40)
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Weighted average limited partnership units outstanding 157,378 157,378
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Condensed Consolidated Statements of Cash Flows
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(Unaudited)
Three month ended March 31,
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2005 2004
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Cash provided (used) by:
Operating activities:
Net loss $ (8,498) (64,978)
Adjustments - other, principally changes
in other assets and liabilities (50,213) 27,412
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Net cash used by operating activities (58,711) (37,566)
Cash and equivalents at beginning of period 132,120 1,214,336
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Cash and equivalents at end of period $ 73,409 1,176,770
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Notes to Consolidated Financial Statements
Three months ended March 31, 2005 and 2004
(Unaudited)
Organization
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Realmark Property Investors Limited Partnership - VI A (the Partnership), a
Delaware limited partnership, was formed on September 21, 1987, to invest in a
diversified portfolio of income-producing real estate investments. The general
partners are Realmark Properties, Inc. (the corporate general partner) and
Joseph M. Jayson (the individual general partner). Joseph M. Jayson is the sole
shareholder of J.M. Jayson & Company, Inc. Realmark Properties, Inc. is a
wholly-owned subsidiary of J.M. Jayson & Company, Inc. Under the partnership
agreement, the general partners and their affiliates can receive compensation
for services rendered and reimbursement for expenses incurred on behalf of the
Partnership.
Basis of Presentation
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The accompanying unaudited interim consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in the
United States of America and the instructions to Form 10-Q. Accordingly, they do
not include all of the information and notes required by accounting principles
generally accepted in the United States of America for complete financial
statements. The balance sheet at December 31, 2004 has been derived from the
audited financial statements at that date. In the opinion of management, all
adjustments (consisting of normal recurring adjustments) considered necessary
for a fair presentation, have been included. The Partnership's significant
accounting policies are set forth in its December 31, 2004 Form 10-K. The
interim financial statements should be read in conjunction with the financial
statements included therein. The interim results should not be considered
indicative of the annual results.
Property and Equipment
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At March 31, 2005, the Partnership had an interest in a joint venture, as
described below. The joint venture property is being actively marketed for sale
and, therefore, is not being depreciated. The Partnership sold its remaining
wholly-owned property in 2003.
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Investment in Joint Venture
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The Partnership has a 50% interest in Research Triangle Industrial Park Joint
Venture with Realmark Property Investors Limited Partnership - II (RPILP - II),
an entity affiliated through common general partners, owning the other 50%. The
Venture owns and operates the Research Triangle Industrial Park West, an
office/warehouse facility located in Durham County, North Carolina. Summary
financial information of the Venture follows:
Balance Sheet Information
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March 31, December 31,
2005 2004
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Assets:
Net property, held for sale $ 1,737,281 1,737,281
Cash and equivalents 163,202 --
Escrow deposits 743,885 731,672
Other assets 102,678 241,414
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Total assets $ 2,747,046 2,710,367
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Liabilities:
Mortgage loan payable 4,922,458 4,952,588
Accounts payable and accrued expenses 75,993 76,804
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Total liabilities 4,998,451 5,029,392
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Partners' deficit:
The Partnership (1,225,118) (1,258,928)
RPILP - II (1,026,287) (1,060,097)
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(2,251,405) (2,319,025)
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Total liabilities and partners' deficit $ 2,747,046 2,710,367
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Operating Information
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Three months ended March 31,
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2005 2004
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Rental income $ 245,958 237,500
Other 415 8,450
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Total income 246,373 245,950
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Property operating costs 50,250 90,830
Interest 102,237 105,234
Administrative 26,266 14,712
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Total expenses 178,753 210,776
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Net income $ 67,620 35,174
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Allocation of net income:
The Partnership 33,810 17,587
RPILP - II 33,810 17,587
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$ 67,620 35,174
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PART I - Item 2. Management's Discussion and Analysis of Financial Condition
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and Results of Operations
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Liquidity and Capital Resources
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Effective January 1, 2001, management began formally marketing all remaining
properties in the Partnership for sale. The Partnership sold two of its
properties (Beaver Creek and Countrybrook) during 2002, and in 2003 sold its
remaining three properties (Pomeroy Park, Inducon Columbia, and Stonegate
Townhouses). The sales proceeds enabled the Partnership to make a distribution
to the limited partners in the last quarter of 2004 in the amount of $829,122.
Assets consisted primarily of cash and receivables from affiliated parties,
which amounted to approximately $159,000 at March 31, 2005. In accordance with
the settlement of the lawsuit (Part II, Item 1), it is anticipated that with the
sale of the remaining joint venture, the Partnership may be in a position to
make distributions to the limited partners.
Results of Operations
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As a result of the sale of its remaining wholly-owned properties, the
Partnership's rental operations ceased in 2003. Operations for the three months
ended March 31, 2005 consisted primarily of administrative costs and
professional fees.
PART I - Item 3. Quantitative and Qualitative Disclosures About Market Risk
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The Partnership's cash equivalents are short-term, non-interest bearing bank
accounts. The Partnership has not entered into any derivative contracts.
Therefore, it has no market risk exposure.
PART I - Item 4. Controls and Procedures
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Disclosure Controls and Procedures: The Partnership's management, with the
participation of the Partnership's Individual General Partner and Principal
Financial Officer, has evaluated the effectiveness of the Partnership's
disclosure controls and procedures (as such term is defined in Rule 13a-15(e)
under the Securities Exchange Act of 1934, as amended) as of the end of the
period covered by this report. Based on such evaluation, the Partnership's
Individual General Partner and Principal Financial Officer have concluded that,
as of the end of such period, the Partnership's disclosure controls and
procedures are effective.
Internal Control Over Financial Reporting: There have been no changes in the
Partnership's internal control over financial reporting (as defined in Rule
13a-15(f) under the Securities Exchange Act of 1934, as amended) during the
fiscal quarter to which this report relates that have materially affected, or
are reasonably likely to materially affect, the Partnership's internal control
over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceeding
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As previously reported, the Partnership, as a nominal defendant, the General
Partners of the Partnership and of affiliated public partnerships (the "Realmark
Partnerships") and the officers and directors of the Corporate General Partner,
as defendants, had been involved in a class action litigation in New York State
court. The Partnership's settlement of this litigation is described in its
Annual Report on Form 10-K for the year ended December 31, 2004.
Item 5. Other Information
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(a) Reports on Form 8-K
None.
Item 6. Exhibits
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31. Certification Pursuant to Rule 13a-14(a), as Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
32. Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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SIGNATURES
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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.
REALMARK PROPERTY INVESTORS LIMITED PARTNERHIP - VI A
May 16, 2005 /s/ Joseph M. Jayson
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Date Joseph M. Jayson,
Individual General Partner and
Principal Financial Officer
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