REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-A - FORM 10-Q

Attached files

file	filename
EXCEL - IDEA: XBRL DOCUMENT - REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-A	Financial_Report.xls
EX-31 - CERTIFICATION PURSUANT TO RULE 13A-14(A) - REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-A	ex31.htm
EX-32 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 - REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-A	ex32.htm

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, 2011

[ ] 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 Data 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 for 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 o No x

Part 1 - FINANCIAL INFORMATION

Item 1 - Financial Statements

Statement of Net Assets in Liquidation
(Liquidation Basis)
	(Unaudited)
	September 30,	December 31,
Assets	2011	2010

Receivables from affiliates	$ 122	40,172
Equity interest in unconsolidated joint venture
in excess of investment	1,098,877	1,067,295

Total assets	$ 1,098,999	1,107,467


Liabilities - accounts payable and accrued expenses	343,655	336,405

Net assets in liquidation	$ 755,344	771,062

See accompanying notes to the financial statements.

Statement of Net Assets in Liquidation
(Liquidation Basis)
(Unaudited)
	Nine months ended
	September 30,
	2011	2010

Net assets in liquidation at January 1	$ 771,062	789,479

Estimated costs during the period of liquidation	(15,718)	(19,117)

Net assets in liquidation at September 30	$ 755,344	770,362


See accompanying notes to the financial statements.

Notes to Consolidated Financial Statements

Nine months ended September 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 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, 2010 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, 2010 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, 2011, 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:

Balance Sheet Information

	(Unaudited)
	September 30,	December 31,
	2011	2010
Assets:
Cash and equivalents	$ 1,153,668	1,237,924
Receivable from affiliates	1,130,937	1,080,298
Accrued interest receivable	401,395	338,017

Total assets	$ 2,686,000	2,656,239

Liabilities:
Accounts payable and accrued expenses	34	25
Payable to affiliates	488,212	521,624

Total liabilities	488,246	521,649

Partners' equity:
The Partnership	1,098,877	1,067,295
RPILP - II	1,098,877	1,067,295

Total partners' equity	2,197,754	2,134,590

Total liabilities and partners' equity	$ 2,686,000	2,656,239

Operating Information
(Unaudited)


	Three months ended Sept. 30,		Nine months ended Sept. 30,

	2011	2010	2011	2010
Income:
Interest income	$ 21,129	21,126	63,381	63,378

Expenses:
Interest	12	166	18	639
Administrative	3	-	199	2,905

Total expenses	15	166	217	3,544

Net income	$ 21,114	20,960	63,164	59,834

Allocation of net income:
The Partnership	10,557	10,480	31,582	29,917
RPILP - II	10,557	10,480	31,582	29,917

	$ 21,114	20,960	63,164	59,834

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 $1,099,000 at September 30, 2011. 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 nine months ended September 30, 2011 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 September 30, 2011. 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, 2010.

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.”

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 14, 2011	/s/ Joseph M. Jayson
Date	Joseph M. Jayson
	Individual General Partner,
	Principal Executive Officer and
	Principal Financial Officer

REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-A - FORM 10-Q - November 14, 2011

Attached files

REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-A Reports