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 September 30, 2009
 

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) 636-0280

(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
Statements of Net Assets in Liquidation
(Liquidation Basis)
			(Unaudited)
					September 30,						December 31,
					2009						2008
Assets
Receivable from affiliates					$ 111,541						148,458
Equity interest in unconsolidated joint venture   In excess of investment					1,016,543						985,201
Total assets					1,128,084						1,133,659
Liabilities
Accounts payable and accrued expenses					340,411						303,087
Payable to affiliated parties					-						12,348
Total liabilities					340,411						315,435
Net assets in liquidation					$ 787,673						818,224
Statements of Changes in Net Assets in Liquidation
(Liquidation Basis) (Unaudited)
Nine months ended September 30,
				2009					2008
Net assets in liquidation at January 1				$ 818,224					438,730
Estimated costs during the period of liquidation				(30,551)					(338,592)
Net assets in liquidation at September 30				$ 787,673					100,138

2

Notes to Consolidated Financial Statements
Nine months ended September 30, 2009 and 2008
(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 statement of net assets in liquidation at December 31, 2008 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, 2008 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 September 30, 2009, the Partnership has an interest in a joint venture, as described below. The joint venture property was sold in December 2006 for a sales 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:

 

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Notes to Consolidated Financial Statements
Nine months ended September 30, 2009 and 2008
(Unaudited)

Balance Sheet Information
		September 30,		December 31,
		2009			2008
	Assets:
	Cash and equivalents	$ 1,344,644			1,471,582
	Receivable from affiliates	1,012,490			912,490
	Accrued interest receivable	232,388			169,008
	Total assets	$ 2,589,522			2,553,080
	Liabilities:
	Accounts payable and accrued expenses	-			25,030
	Payable to affiliates	556,436			557,648
	Total liabilities	556,436			582,678
	Partners’ equity:
	The Partnership	1,016,543			985,201
	RPILP – II	1,016,543			985,201
	Total partners’ equity	2,033,086			1,970,402
	Total liabilities and partners’ equity	$ 2,589,522			2,553,080

Operating Information
		Three months ended Sept. 30,				Nine months ended Sept. 30,
		2009		2008		2009		2008
	Income:
	Interest income	$ 21,126		21,126		63,378		63,378
	Expenses:
	Interest	224		275		660		790
	Administrative	-		435,569		34		611,494
	Total expenses	224		435,844		694		612,284
	Net income (loss)	$ 20,902		(414,718)		62,684		(548,906)
	Allocation of net income:
	The Partnership	10,451		(207,359)		31,342		(274,453)
	RPILP - II	10,451		(207,359)		31,342		(274,453)
		$ 20,902		(414,718)		62,684		(548,906)

Subsequent Events

Subsequent events were evaluated through November 15, 2009, the date the financial statements were issued.

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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 $1,016,543 at September 30, 2009. 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 nine months ended September 30, 2009 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 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. This Quarterly Report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Quarterly Report.
 
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. Management assessed the effectiveness of our internal control over financial reporting as of September 30, 2009. 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).

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, 2008.

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.

 

 

 

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
 
 
 

    

November 15, 2009		/s/ Joseph M. Jayson
Date		Joseph M. Jayson,
		Individual General Partner and
		Principal Financial Officer