UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 26, 2005
Shelter Properties VI
(Exact name of Registrant as specified in its charter)
South Carolina 0-13261 57-0755618
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or File Number) Identification Number)
organization)
55 Beattie Place
Post Office Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.01 Completion of Acquisition or Disposition of Assets.
Shelter Properties VI (the "Registrant") owns Carriage House Apartments, 102
unit apartment complex located in Gastonia, North Carolina (the "Property"). On
October 26, 2005, the Partnership sold the Property to a third party, Juniper
Investment Group, Ltd., a Texas limited partnership (the "Purchaser"). In
addition to the Property, the Purchaser purchased eight other apartment
complexes all owned by affiliates of AIMCO Properties, L.P., an affiliate of the
general partner of the Partnership. The total sales price for the Property and
the eight other properties is approximately $62,300,000, of which approximately
$3,500,000 represents the sales price for the Property. The Registrant continues
to own and operate two other investment properties.
In accordance with the Amended and Restated Limited Partnership Agreement of the
Registrant, the Registrant's general partner is evaluating the cash requirements
of the Registrant to determine whether any portion of the net proceeds will be
distributed to the Registrant's partners.
Item 9.01 Financial Statements and Exhibits.
(b) Pro forma financial information.
The following unaudited pro forma balance sheet and statements of operations
reflect the operations of the Registrant as if the Property had been sold on
January 1, 2004.
The pro forma financial statements do not project the Registrant's results of
operations at any future date or for any future period. This pro forma
information should be read in conjunction with the Registrant's 2004 Annual
Report on Form 10-KSB.
PRO FORMA BALANCE SHEET
(in thousands)
June 30,
2005
All other assets $ 366
Investment properties, net 3,592
Total Assets $ 3,958
All other liabilities $ 949
Mortgage notes payable 6,190
Partners' deficit (3,181)
Total Liabilities and Partners' Deficit $ 3,958
PRO FORMA STATEMENTS OF OPERATIONS
(in thousands, except per unit data)
Year Ended Six Months Ended
December 31, 2004 June 30, 2005
Total revenues $ 1,889 $ 908
Total expenses 2,127 1,056
Net loss $ (238) $ (148)
Net loss per limited partnership unit $ (5.55) $ (3.45)
SIGNATURE
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 hereunto duly authorized.
Shelter Properties VI
(a South Carolina Limited Partnership)
By: Shelter Realty VI Corporation
Corporate General Partner
By: /s/Martha L. Long
Martha L. Long
Senior Vice President
Date: November 1, 2005