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

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EXCEL - IDEA: XBRL DOCUMENT - REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-AFinancial_Report.xls
EX-31 - CERTIFICATION PURSUANT TO RULE 13A-14(A), AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY - 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 OF THE - REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP VI-Aex32.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, 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 a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o Accelerated filer o Non-accelerated filer (Do not check if a smaller reporting company) o Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o  No  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)
    
     September 30,    December 31,
            Assets    2012    2011
Cash
    -     1,931
Receivables from affiliates  $  1,377,851    1,298,380
Equity interest in unconsolidated joint venture    1,128,192    1,108,610
    Total assets  $  2,506,043    2,408,921
         
            Liabilities        
Accounts payable and accrued expenses    344,094    354,347
Payable To Affilitates    1,712,389    1,603,636
    Total Liabilities  $  2,056,483    1,957,983
         
Net assets in liquidation  $  449,560    450,938
 
 
Statement of Changes in  Net Assets in Liquidation
(Liquidation Basis)
(Unaudited)
                 
           
Nine months ended September 30,
           
2012
  
2011
                 
Net assets in liquidation at January 1
    
 $               450,938
  
 $    771,062
                 
Decrease during the period of liquidation
  
                     (1,378)
  
       (15,718)
                 
Net assets in liquidation at September 30
  
 $               449,560
  
 $    755,344
                 
                 
                 
                 
The accompanying notes are an integral part of the financial statements.
    
 

 
 
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Notes to Consolidated Financial Statements
 
Nine months ended September 30, 2012 and 2011
(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 September 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:
 
 
 
 
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Balance Sheet Information
                 
           
(Unaudited)
    
           
September 30,
  
December 31,
           
2012
  
2011
Assets:
                
  Cash and equivalents
        
 $         11,419
  
          488,152
  Receivable from affiliates
      
       1,780,386
  
       1,525,347
  Accrued interest receivable from affiliates
    
          464,773
  
          422,521
                 
    Total assets
        
 $    2,256,578
  
       2,436,020
                 
Liabilities:
                
  Payable to affiliates
        
                 194
  
          218,800
                 
    Total liabilities
        
                 194
  
          218,800
                 
Partners' equity:
              
  The Partnership
        
       1,128,192
  
       1,108,610
  RPILP - II
        
       1,128,192
  
       1,108,610
                 
    Total partners' equity
        
       2,256,384
  
       2,217,220
                 
    Total liabilities and partners' equity
    
 $    2,256,578
  
       2,436,020
                 
 
 
Operating Information
(Unaudited)
 
         
Three months ended September 30,
  
Nine months ended September 30,
                       
         
2012
  
2011
  
2012
  
2011
Income:
                      
  Interest income
      
 $                     10
  
           21,129
  
                    42,301
  
          63,381
                       
Expenses:
                      
  Interest
        
                         4
  
                 12
  
                          24
  
                18
  Administrative
      
                   2,860
  
                   3
  
                      3,113
  
              199
                       
    Total expenses
      
                   2,864
  
                 15
  
                      3,137
  
              217
                       
    Net income
      
 $               (2,854)
  
           21,114
  
                    39,164
  
          63,164
                       
Allocation of net income:
                  
  The Partnership
      
                  (1,427)
  
           10,557
  
                    19,582
  
          31,582
  RPILP - II
      
                  (1,427)
  
           10,557
  
                    19,582
  
          31,582
                       
         
 $               (2,854)
  
           21,114
  
                    39,164
  
          63,164

 
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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 $1,128,192 at September 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 nine months ended September 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 September 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).













 
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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.”
 


 
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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, 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