REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-A - FORM 10-Q - August 14, 2012

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EX-31 - CERTIFICATION PURSUANT TO RULE 13A-14(A), AS ADOPTED PURSUANT TO SECTION 302 - REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-Aex31.htm
EX-32 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 - REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-Aex32.htm
EXCEL - IDEA: XBRL DOCUMENT - REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-AFinancial_Report.xls
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 June 30, 2012
 
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
(Exact name of registrant as specified in its charter)
 
 
 
          Delaware                                                                                                            16-1309987
(State of organization)                                                                                  (IRS Employer Identification No.)
 
 
2350 North Forest Road, Getzville, New York 14068
(Address of principal executive offices)
 
(716) 636-9090
(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 o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulations S-T (232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files)     Yes  o   No x

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).Yes  oNo  x 
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes  oNo   x
 
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.Yes  oNo   x

 
 
 
 
Part 1 - FINANCIAL INFORMATION
 
Item 1 - Financial Statements
 
 
Statement of Net Assets in Liquidation
(Liquidation Basis)
           
(Unaudited)
    
           
June 30,
  
December 31,
Assets
      
2012
  
2011
                 
Cash
          
                    -
  
              1,931
Receivables from affiliates
      
 $    1,350,835
  
       1,298,380
Equity interest in unconsolidated joint venture
  
       1,129,619
  
       1,108,610
          Total assets
      
 $    2,480,454
  
       2,408,921
                 
                 
                 
                 
 
Liabilities
              
Accounts payable and accrued expenses
    
          322,252
  
          354,347
Payable To Affilitates
      
       1,695,602
  
       1,603,636
          Total Liabilities      
 $    2,017,854
  
       1,957,983
                 
Net assets in liquidation         
 $       462,600
  
          450,938
             
                 
The accompanying notes are an integral part of the financial statements.
    
 
 
 

Statement of Changes in  Net Assets in Liquidation
(Liquidation Basis)
(Unaudited)
                 
           
Six months ended June 30,
           
2012
  
2011
                 
Net assets in liquidation at January 1
    
 $    450,938
  
 $    771,062
                 
Increase during the period of liquidation
  
         11,662
  
       (14,851)
                 
Net assets in liquidation at June 30
    
 $    462,600
  
 $    756,211
                 
The accompanying notes are an integral part of the financial statements.
    

 
2
 
Notes to Consolidated Financial Statements
 
Six months ended June 30, 2011 and 2010
(Unaudited)
 
Organization
 
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
 
As a result of the plan of termination and liquidation, the Partnership changed its basis of accounting to the liquidation basis effective January 1, 2007. Under the liquidation basis of accounting, assets are stated at their estimated net realizable values and liabilities are stated at their estimated settlement amounts.
 
The accompanying unaudited interim 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, 2011 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, 2011 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
 
At June 30, 2012, the Partnership has an interest in a joint venture, as described below.  The joint venture property was sold in December 2006 for a purchase price of $5,300,000.  The mortgage on the property was paid off in the amount of $4,117,763.  The Partnership sold its remaining wholly-owned property in 2003.
 
Investment in Research Triangle Industrial Park Joint Venture
 
The Partnership has a 50% interest in Research Triangle Industrial Park Joint Venture (the Venture) with Realmark Property Investors Limited Partnership - II (RPILP - II), an entity affiliated through common general partners.  The joint venture owned and operated the Research Triangle Industrial Park West, an office/warehouse facility in Durham, North Carolina, which was sold in December 2006.  The joint venture agreement provides that any income, loss, gain, cash flow, or sale proceeds be allocated 50% to the Partnership and 50% to RPILP - II.   Summary financial information of the Venture follows:
 
 
3
 
Balance Sheet Information
                 
           
(Unaudited)
    
           
June 30,
  
December 31,
           
2012
  
2011
Assets:
                
  Cash and equivalents
        
 $         41,243
  
          488,152
  Receivable from affiliates
      
       1,753,222
  
       1,524,869
  Accrued interest receivable from affiliates
    
          464,773
  
          422,521
                 
    Total assets
        
 $    2,259,238
  
       2,435,542
                 
Liabilities:
                
  Accounts payable and accrued expenses
    
                     -
  
                     -
  Payable to affiliates
        
                     -
  
          218,322
                 
    Total liabilities
        
                     -
  
          218,322
                 
Partners' equity:
              
  The Partnership
        
       1,129,619
  
       1,108,610
  RPILP - II
        
       1,129,619
  
       1,108,610
                 
    Total partners' equity
        
       2,259,238
  
       2,217,220
                 
    Total liabilities and partners' equity
    
 $    2,259,238
  
       2,435,542
 
 
 
 
Operating Information
(Unaudited)
 
 
         
Three months ended June 30,
  
Six months ended June 30,
                       
         
2012
  
2011
  
2012
  
2011
Income:
                      
  Interest income
      
 $        21,156
  
           21,126
  
           42,291
  
          42,252
                       
Expenses:
                      
  Interest
        
                  4
  
                  3
  
                 20
  
                 6
  Administrative
      
               110
  
               145
  
               253
  
              196
                       
    Total expenses
      
               114
  
               148
  
               273
  
              202
                       
    Net income
      
 $        21,042
  
           20,978
  
           42,018
  
          42,050
                       
Allocation of net income:
                  
  The Partnership
      
           10,521
  
           10,489
  
           21,009
  
          21,025
  RPILP - II
      
           10,521
  
           10,489
  
           21,009
  
          21,025
                       
         
 $        21,042
  
           20,978
  
           42,018
  
          42,050

 
4
 
PART I - Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
Liquidity and Capital Resources
 
Assets consisted primarily of the investment in Research Triangle Industrial Park West, which amounted to approximately $1,129,619 at June 30, 2012. In accordance with the settlement of the lawsuit (Part II, Item 1), it is anticipated that due to the sale of the remaining joint venture, the Partnership may be in a position to make distributions to the limited partners.  As a result of the Research Triangle Industrial Park West’s sale of the remaining property, the Partnership began reporting on the liquidation basis of accounting effective January 1, 2007.
 
Results of Operations
 
Operations for the three and six months ended June 30, 2012 consisted primarily of liquidation costs and professional fees.
 
PART I - Item 3.  Quantitative and Qualitative Disclosures About Market Risk
 
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
 
Disclosure Controls and Procedures: The Partnership’s management, with the participation of the Partnership’s Individual General Partner, Principal Executive Officer 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, Principal Executive Officer 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 significant 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. Management assessed the effectiveness of our internal control over financial reporting as of June 30, 2012. In making this assessment, our management used the criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
 
 
 
 
 
 
 
 
 
5
 
PART II - OTHER INFORMATION
 
Item 1.  Legal Proceeding
 
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, 2011.
 
 
Item 5.  Other Information
 
(a)  Reports on Form 8-K
 
None.
 
Item 6. Exhibits
 
  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. 
     
 
101.INS   
XBRL Instance Document*
     
 
101.SCH   
XBRL Taxonomy Extension Schema Document*
     
 
101.CAL   
XBRL Taxonomy Extension Calculation Linkbase Document*
     
 
101.DEF   
XBRL Taxonomy Extension Definition Linkbase Document*
     
 
101.LAB   
XBRL Taxonomy Extension Label Linkbase Document*
     
 
101.PRE   
XBRL Taxonomy Extension Presentation Linkbase Document*
     
  *  In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed to be “furnished” and not “filed.”
 
 
 
 
 
 
6
 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
REALMARK PROPERTY INVESTORS LIMITED PARTNERHIP - VI A
 
 
 August 14, 2012 /s/ Joseph M. Jayson
 Date Joseph M. Jayson
  Individual General Partner,
  Principal Executive Officer and
  Principal Financial Officer
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-A Reports