National Property Investors 6 10-Q 7 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014
Document and Entity Information [Abstract]	'
Entity Registrant Name	'NATIONAL PROPERTY INVESTORS 6
Entity Central Index Key	'0000708870
Document Type	'10-Q
Document Period End Date	30-Sep-14
Amendment Flag	'false
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q3
Current Fiscal Year End Date	'--12-31
Entity Well-known Seasoned Issuer	'No
Entity Voluntary Filers	'No
Entity Current Reporting Status	'Yes
Entity Filer Category	'Smaller Reporting Company
Outstanding Limited Partnership Units	109,496

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$131	$261
Receivables and deposits	470	425
Other assets	817	651
Investment property:	'	'
Land	1,366	1,366
Buildings and related personal property	30,395	30,076
Total investment property	31,761	31,442
Less accumulated depreciation	-23,785	-23,203
Investment property, net	7,976	8,239
Total assets	9,394	9,576
Liabilities	'	'
Accounts payable	234	50
Tenant security deposit liabilities	228	184
Due to affiliates	11,626	10,938
Other liabilities	365	395
Mortgage notes payable	22,743	23,048
Total liabilities	35,196	34,615
Partners' Deficit	'	'
General partner	-805	-797
Limited partners	-24,997	-24,242
Total partners’ deficit	-25,802	-25,039
Total liabilities and partners’ deficit	$9,394	$9,576

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Rental income	$1,175	$1,069	$3,459	$3,214
Other income	160	151	434	464
Total revenues	1,335	1,220	3,893	3,678
Expenses:	'	'	'	'
Operating	696	651	1,727	1,699
General and administrative	64	32	107	86
Depreciation	308	397	940	1,200
Interest	544	544	1,620	1,614
Property taxes	90	97	262	269
Total expenses	1,702	1,721	4,656	4,868
Net loss	-367	-501	-763	-1,190
Net loss allocated to general partner (1%)	-4	-5	-8	-12
Net loss allocated to limited partners (99%)	($363)	($496)	($755)	($1,178)
Net loss per limited partnership unit	($3.32)	($4.53)	($6.90)	($10.76)

Statement_of_Changes_in_Partne

Statement of Changes in Partners' Deficit (Unaudited) (USD $)	Total	General Partner	Limited Partner
In Thousands
Partners' deficit at Dec. 31, 2013	($25,039)	($797)	($24,242)
Net loss for the nine months ended September 30, 2014	-763	-8	-755
Partners' deficit at Sep. 30, 2014	($25,802)	($805)	($24,997)

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net loss	($763)	($1,190)
Adjustments to reconcile net loss to net cash provided	'	'
Depreciation	940	1,200
Amortization of loan costs	29	29
Change in accounts:	'	'
Receivables and deposits	-45	-18
Other assets	-195	-131
Accounts payable	102	-111
Tenant security deposit liabilities	44	7
Due to affiliates	138	426
Other liabilities	-30	-54
Net cash provided by operating activities	220	158
Cash flows used in investing activities:	'	'
Property improvements and replacements	-595	-997
Cash flows from financing activities:	'	'
Advances from affiliate	550	525
Payments on mortgage notes payable	-305	-286
Net cash provided by financing activities	245	239
Net increase (decrease) in cash and cash equivalents	-130	-600
Cash and cash equivalents at beginning of period	261	789
Cash and cash equivalents at end of period	131	189
Supplemental disclosure of cash flow information:	'	'
Cash paid for interest	1,287	1,176
Supplemental disclosure of non-cash activity:	'	'
Property improvements and replacements included in accounts payable	$100	$58

Basis_of_Presentation_Notes

Basis of Presentation (Notes)	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	Note A – Basis of Presentation
	The accompanying unaudited financial statements of National Property Investors 6 (the "Partnership" or "Registrant") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. 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 NPI Equity Investments, Inc. ("NPI Equity" or the "Managing General Partner"), all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The Managing General Partner is an affiliate of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust.
	At September 30, 2014 and December 31, 2013, the Partnership had outstanding 109,496 units of limited partnership interest. Net loss per Limited Partnership Unit is computed by dividing net loss allocated to the limited partners by the number of Units outstanding at the beginning of the fiscal year. The number of Units used was 109,496 and 109,524 Units for the three and nine months ended September 30, 2014 and 2013, respectively.
	The Partnership’s management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed.
	Certain reclassifications have been made to the 2013 balances to conform to the 2014 presentation.
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board issued their final standard on revenue from contracts with customers which was issued by the FASB as Accounting Standards Update 2014-09, Revenue from Contracts with Customers, or ASU 2014-09.  ASU 2014-09, which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, supersedes most current generally accepted accounting principles applicable to revenue recognition and converges U.S. and international accounting standards in this area. The core principle of the new guidance is that revenue shall only be recognized when an entity has transferred control of goods or services to a customer and for an amount reflecting the consideration to which the entity expects to be entitled for such exchange.
	ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, with no early adoption permitted, and allows for full retrospective adoption applied to all periods presented or modified retrospective adoption with the cumulative effect of initially applying the standard recognized at the date of initial application.  The Partnership has not yet determined the effect ASU 2014-09 will have on its financial statements.
	In August 2014, The FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements-Going Concern, or ASU 2014-15. ASU 2014-15 requires management to evaluate whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued.
	This evaluation should include consideration of whether it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued, and should initially take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date that the financial statements are issued (e.g. plans to raise capital, borrow money, restructure debt, etc). Entities must disclose the principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, as well as management’s evaluation of those conditions and potential plans for mitigation.
	ASU 2014-15 is effective for all entities for annual reporting periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Partnership does not expect ASU 2014-15 to have a material effect on its financial statements.

Transactions_With_Affiliated_P

Transactions With Affiliated Parties (Notes)	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Transactions with Affiliates	'
	Note B - Transactions with Affiliated Parties
	The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.
	Affiliates of the Managing General Partner receive 5% of gross receipts from the Partnership's property as compensation for providing property management services. The Partnership paid to such affiliates approximately $190,000 and $183,000 for the nine months ended September 30, 2014 and 2013, respectively, which are included in operating expenses.
	Affiliates of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $89,000 and $109,000 for the nine months ended September 30, 2014 and 2013, respectively, which is included in general and administrative expenses and investment property. The portion of these reimbursements included in investment property for the nine months ended September 30, 2014 and 2013 are construction management services provided by an affiliate of the Managing General Partner of approximately $61,000 and $82,000, respectively. At December 31, 2013, approximately $163,000 of reimbursements were due to the Managing General Partner and are included in due to affiliates. There were no such reimbursements due to the Managing General Partner at September 30, 2014.
	For services relating to the administration of the Partnership and operation of the Partnership's property, the Managing General Partner is entitled to receive payment for non-accountable expenses up to a maximum of $150,000 per year, based upon the number of Partnership units sold, subject to certain limitations. No such reimbursements were made during the nine months ended September 30, 2014 or 2013.
	As compensation for services rendered in managing the Partnership, the Managing General Partner is entitled to receive Partnership management fees in conjunction with distributions of cash from operations, subject to certain limitations. No such Partnership management fees were earned or paid during the nine months ended September 30, 2014 or 2013.
	The Partnership may receive advances of funds from AIMCO Properties, L.P., an affiliate of the Managing General Partner and the holder of a majority of the beneficial interest of the Partnership. During the nine months ended September 30, 2014 and 2013, AIMCO Properties, L.P. advanced the Partnership $550,000 and $525,000, respectively, to fund real estate taxes and operating expenses at the Partnership's investment property. The advances bear interest at the prime rate plus 2% (5.25% at September 30, 2014) per annum. Interest expense was approximately $431,000 and $392,000 for the nine months ended September 30, 2014 and 2013, respectively. During the nine months ended September 30, 2014, the Partnership paid $130,000 of accrued interest. There were no such payments during the nine months ended September 30, 2013. At September 30, 2014 and December 31, 2013, the total advances and accrued interest owed to AIMCO Properties, L.P. were approximately $11,626,000 and $10,775,000, respectively, and are included in due to affiliates. The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances. For more information on AIMCO Properties, L.P., including copies of its audited balance sheet, please see its reports filed with the Securities and Exchange Commission.
	Upon the sale of the Partnership’s property, NPI Equity will be entitled to an Incentive Compensation Fee equal to 3% of the difference between the sales price of the property and the appraised value for such property at February 1, 1992. Payment of the Incentive Compensation Fee is subordinated to the receipt by the limited partners, of: (a) distributions from capital transaction proceeds of an amount equal to their appraised investment in the Partnership at February 1, 1992, and (b) distributions from all sources (capital transactions as well as cash flow) of an amount equal to six percent (6%) per annum cumulative, non-compounded, on their appraised investment in the Partnership at February 1, 1992. Prior to 2013, these preferences were met.
	The Partnership insures its property up to certain limits through coverage provided by Aimco which is generally self-insured for a portion of losses and liabilities related to workers’ compensation, property casualty, general liability, and vehicle liability. The Partnership insures its property above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner. During the nine months ended September 30, 2014, the Partnership was charged by Aimco and its affiliates approximately $43,000 for hazard insurance coverage and fees associated with policy claims administration. Additional charges will be incurred by the Partnership during 2014 as other insurance policies renew later in the year. The Partnership was charged by Aimco and its affiliates approximately $60,000 for insurance coverage and fees associated with policy claims administration during the year ended December 31, 2013.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments (Notes)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value of Financial Instruments	'
	Note C – Fair Value of Financial Instruments
	Financial Accounting Standards Board Accounting Standards Codification Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement. Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date. Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 includes fair value measurements based on unobservable inputs. The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments (except for mortgage notes payable) approximates their fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage notes payable by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term, mortgage notes payable. The Partnership has classified this fair value measurement within Level 2 of the fair value hierarchy.  At September 30, 2014, the fair value of the Partnership's mortgage notes payable at the Partnership's incremental borrowing rate was approximately $25,537,000.

Casualty_Event_Notes

Casualty Event (Notes)	9 Months Ended
	Sep. 30, 2014
Extraordinary and Unusual Items [Abstract]	'
Casualty Event	'
	Note D – Casualty Event
	In April 2014, the Partnership’s property, Colony at Kenilworth Apartments, sustained damages from a fire which affected three apartment units. The estimated damages are approximately $151,000 and the Partnership expects to receive insurance proceeds. During the three and nine months ended September 30, 2014, the Partnership incurred approximately $29,000 and $63,000, respectively, of repair and clean-up costs related to this casualty event which are included in operating expenses. The Partnership does not expect to record a loss from this event.

Investment_Property_Notes

Investment Property (Notes)	9 Months Ended
	Sep. 30, 2014
Investment Property [Abstract]	'
Investment Property	'
	Note E – Investment Property
	During the nine months ended September 30, 2014, the Partnership retired and wrote-off property improvements and replacements no longer being used that had a cost basis of approximately $358,000 and accumulated depreciation of approximately $358,000.

Contingencies_Notes

Contingencies (Notes)	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Contingencies	'
	Note F – Contingencies
	The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment property that are not of a routine nature arising in the ordinary course of business.
	Various Federal, state and local laws subject property owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials present on a property, including lead-based paint, asbestos, polychlorinated biphenyls, petroleum-based fuels, and other miscellaneous materials. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such materials. The presence of, or the failure to manage or remedy properly, these materials may adversely affect occupancy at affected apartment communities and the ability to sell or finance affected properties. In addition to the costs associated with investigation and remediation actions brought by government agencies, and potential fines or penalties imposed by such agencies in connection therewith, the improper management of these materials on a property could result in claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various laws also impose liability for the cost of removal, remediation or disposal of these materials through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of these materials is potentially liable under such laws for the proper operation of the disposal facility. These laws often impose liability whether or not the person arranging for the disposal ever owned or operated the disposal facility. In connection with the ownership, operation and management of its property, the Partnership could potentially be responsible for environmental liabilities or costs associated with its property.

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Accounting [Text Block]	'
	The accompanying unaudited financial statements of National Property Investors 6 (the "Partnership" or "Registrant") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. 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 NPI Equity Investments, Inc. ("NPI Equity" or the "Managing General Partner"), all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The Managing General Partner is an affiliate of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust.
	At September 30, 2014 and December 31, 2013, the Partnership had outstanding 109,496 units of limited partnership interest. Net loss per Limited Partnership Unit is computed by dividing net loss allocated to the limited partners by the number of Units outstanding at the beginning of the fiscal year. The number of Units used was 109,496 and 109,524 Units for the three and nine months ended September 30, 2014 and 2013, respectively.
	The Partnership’s management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed.
	Certain reclassifications have been made to the 2013 balances to conform to the 2014 presentation.
New Accounting Pronouncements, Policy [Policy Text Block]	'
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board issued their final standard on revenue from contracts with customers which was issued by the FASB as Accounting Standards Update 2014-09, Revenue from Contracts with Customers, or ASU 2014-09.  ASU 2014-09, which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, supersedes most current generally accepted accounting principles applicable to revenue recognition and converges U.S. and international accounting standards in this area. The core principle of the new guidance is that revenue shall only be recognized when an entity has transferred control of goods or services to a customer and for an amount reflecting the consideration to which the entity expects to be entitled for such exchange.
	ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, with no early adoption permitted, and allows for full retrospective adoption applied to all periods presented or modified retrospective adoption with the cumulative effect of initially applying the standard recognized at the date of initial application.  The Partnership has not yet determined the effect ASU 2014-09 will have on its financial statements.
	In August 2014, The FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements-Going Concern, or ASU 2014-15. ASU 2014-15 requires management to evaluate whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued.
	This evaluation should include consideration of whether it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued, and should initially take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date that the financial statements are issued (e.g. plans to raise capital, borrow money, restructure debt, etc). Entities must disclose the principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, as well as management’s evaluation of those conditions and potential plans for mitigation.
	ASU 2014-15 is effective for all entities for annual reporting periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Partnership does not expect ASU 2014-15 to have a material effect on its financial statements.

Basis_of_Presentation_Details

Basis of Presentation (Details)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'	'	'
Outstanding Limited Partnership Units	109,496	109,496	'
Limited Partnership Units outstanding at beginning of year - per unit calculations	109,496	'	109,524

Transactions_With_Affiliated_P1

Transactions With Affiliated Parties (Details) (USD $)	9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transactions [Abstract]	'	'	'
Property management fee percentage - Related Party	5.00%	'	'
Property management fees - Related Party	$190,000	$183,000	'
Accountable administrative expense reimbursement - Related Party	89,000	109,000	'
Construction management service reimbursements capitalized - Related Party	61,000	82,000	'
Unpaid reimbursements owed - Related Party	0	'	163,000
Maximum general partner reimbursement fee	150,000	'	'
General partner reimbursement fees during period	0	'	'
Partnership management fees earned or paid to managing general partner	0	0	'
Advances of funds from affiliate of managing general partner	550,000	525,000	'
Basis Spread on advances from affiliate of Managing General Partner	2.00%	'	'
Total Interest Rate on advances from affiliate of managing general partner	5.25%	'	'
Interest expense on advances - Related Party	431,000	392,000	'
Accrued interest paid during reporting period	130,000	0	'
Unpaid advances & accrued interest - Related Party	11,626,000	'	10,775,000
Incentive Compensation Fee percentage	3.00%	'	'
Percentage of cumulative, non-compounded interest on the appraised investment for incentive management fee	6.00%	'	'
Insurance expense - Related Party	$43,000	'	$60,000

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Details) (USD $)	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair value of Partnership's mortgage note payable	$25,537,000

Casualty_Event_Details

Casualty Event (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Extraordinary and Unusual Items [Abstract]	'	'
Estimated damages of fire casualty event	$151,000	$151,000
Clean-up costs related to casualty event	$29,000	$63,000

Investment_Property_Details

Investment Property (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Investment Property [Abstract]	'
Retired and written-off property improvements and replacements	$358,000
Accumulated depreciation of retired and written-off property improvements and replacement	$358,000