-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KX22v5KDJX1IMmM/ndjecH55vEtezVke05jmk4lNsrte9p7cmukIMbttRb4gFYNv 7muFIXGlhWb67zNfuYhZNg== 0000318835-96-000007.txt : 19961118 0000318835-96-000007.hdr.sgml : 19961118 ACCESSION NUMBER: 0000318835-96-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: DSI REALTY INCOME FUND VI CENTRAL INDEX KEY: 0000318835 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 953633566 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 002-68926 FILM NUMBER: 96665288 BUSINESS ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90807 BUSINESS PHONE: 3105957711 MAIL ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90807 FORMER COMPANY: FORMER CONFORMED NAME: DSI REALTY INCOME FUND 81-I DATE OF NAME CHANGE: 19870812 10-Q 1 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, 1996 /___/ Transition report pursuant to Section 13 or 15(d) of the Securities Act of 1934 for the transition period from ______________ to ________________. Commission File Number 2-68926 DSI REALTY INCOME FUND VI, A California Limited Partnership (Exact name of registrant as specified in its charter) California_______________________________________95-3633566 (State or other jurisdiction of (I.R.S. Employer incorporation) Identification No.) 3701 Long Beach Boulevard, Long Beach, California 90807 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code-(310)595-7711 _________________________________________________________________ Former name, former address and former fiscal year, if changed since last report. 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___. PART I - FINANCIAL INFORMATION Item 1. Financial Statements. The information required by Rule 10-01 of Regulation S-X is included in the Quarterly Report to the Limited Partners of Registrant for the period ended September 30, 1996, which is attached hereto as Exhibit "20" and incorporated herein by this reference. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Registrant incorporates by this reference its Quarterly Report to Limited Partners for the period ended September 30, 1996. PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8K. (a) Attached hereto as Exhibit "20" is Registrant's Quarterly Report to Limited Partners for the period ended September 30, 1996. (B) Registrant did not file any reports on Form 8-K for the period reported upon. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: October 31, 1996 DSI REALTY INCOME FUND VI A California Limited Partnership (Registrant) By__/s/ Robert J. Conway______ DSI Properties, Inc., as General Partner by ROBERT J. CONWAY, President and Chief Financial Officer SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: October 31, 1996 DSI REALTY INCOME FUND VI A California Limited Partnership (Registrant) By___/s/ Robert J. Conway_____ DSI Properties, Inc., as General Partner by ROBERT J. CONWAY, President and Chief Financial Officer EX-20 2 October 31, 1996 QUARTERLY REPORT TO THE LIMITED PARTNERS OF DSI REALTY INCOME FUND VI DEAR LIMITED PARTNERS: We are pleased to enclose the Partnership's unaudited financial statements for the period ended September 30, 1996. The following is Management's discussion and analysis of the Partnership's financial condition and results of its operations. For the three month periods ended September 30, 1996 and 1995, total revenues increased 1.4% from $647,700 to $656,747 and total expenses decreased 1.1% from $351,841 to $348,105. As a result, net income increased 4.3% from $295,859 for the three month period ended September 30, 1995, to $308,642 for the same period in 1996. The revenue increase can be primarily attributed to an increase in rental income as a result of higher unit rental rates. Occupancy levels for the Partnership's six mini-storage facilities averaged 85.1% for the three month period ended September 30, 1996, compared to 86.1% for the same period in 1995. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses decreased approximately $4,000 (1.3%) primarily due to decreases in maintenance and repair expenses partially offset by increases in real estate tax expense and salaries and wages. General and administrative expenses remained constant during the three month periods ended September 30, 1996 and 1995. For the nine month periods ended September 30, 1996, and 1995, total revenues increased 1.4% from $1,882,111 to $1,907,844 and total expenses increased 1.4% from $1,059,108 to $1,073,952. As a result, net income increased 1.3% from $823,003 for the nine months ended September 30, 1995, to $833,892 for the same period in 1996. The reason for the increase in revenues is the same as discussed above for the three month period. Operating expenses increased approximately $11,700 (1.3%) primarily due to an increase in real estate tax expense and salaries and wages partially offset by a decrease in maintenance and repair expense. General and administrative increased approximately $3,100 (1.9%) primarily as a result of relatively insignificant fluctuations in various expense accounts. The General Partners plan to continue their policy of funding improvements and maintenance of Partnership properties with cash generated from operations. The Partnership's resources appear to be adequate to meet its needs. The General Partners anticipate distributions to the Limited Partners to remain at the current level for the foreseeable future. We are not enclosing a copy of the Partnership Form 10-Q as filed with the Securities and Exchange Commission since all the information set forth therein is contained either in this letter or in the attached financial statements. However, if you wish to receive a copy of said report, please send a written request to DSI Realty Income Fund VI, P.O. Box 357, Long Beach, California 90801. Very truly yours, DSI Realty Income Fund VI By: DSI Properties, Inc., as General Partner By___\s\ Robert J. Conway_______ ROBERT J. CONWAY, President EX-20 3 DSI REALTY INCOME FUND VI (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED), SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
September 30, December 31, 1996 1995 ASSETS CASH AND CASH EQUIVALENTS $ 804,550 $ 506,933 PROPERTY 4,428,779 4,739,872 OTHER ASSETS 77,595 38,342 TOTAL $5,310,924 $5,285,147 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $365,782 $364,137 PARTNERS' EQUITY: General Partners (43,834) (44,075) Limited Partners 4,988,975 4,965,085 Total partners' equity 4,945,142 4,921,010 TOTAL $5,310,924 $5,285,147 See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30, 1996 1995 REVENUES: Rental Income $651,542 $643,148 Interest 5,205 4,552 Total revenue 656,747 647,700 EXPENSES: Operating Expenses 299,996 303,960 General and administrative 48,109 47,881 Total expenses 348,105 351,841 NET INCOME $308,642 $295,859 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $305,556 $292,900 General partners 3,086 2,959 TOTAL $308,642 $295,859 NET INCOME PER LIMITED PARTNERSHIP UNIT $12.86 $12.33 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 23,753 23,753 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30, 1996 1995 REVENUES: Rental Income $1,894,939 $1,871,663 Interest 12,905 10,448 Total Revenues 1,907,844 1,882,111 EXPENSES: Operating Expenses 902,949 891,216 General and administrative 171,003 167,892 Total expenses 1,073,952 1,059,108 NET INCOME 833,892 823,003 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners 825,553 814,773 General Partners 8,338 8,230 TOTAL 833,892 823,003 NET INCOME PER LIMITED PARTNERSHIP UNIT 34.76 34.30 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 23,753 23,753 See accompanying notes to financial statements (unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1994 ($41,352) $5,234,694 $5,193,342 NET INCOME 8,230 814,773 823,003 DISTRIBUTIONS (8,097) (801,663) (809,760) EQUITY AT SEPTEMBER 30, 1995 ($41,219) $5,247,804 $5,206,585 EQUITY AT DECEMBER 31, 1995 ($44,075) $4,965,085 $4,921,010 NET INCOME 8,338 825,553 833,892 DISTRIBUTIONS (8,097) (801,663) (809,760) EQUITY AT SEPTEMBER 30, 1996 ($43,834) $4,988,975 $4,945,142 See accompanying notes to financial statements (unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30, 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 833,892 $ 823,003 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 311,094 311,094 Changes in assets and liabilities: Increase in other assets (39,253) (26,990) Increase in liabilities 1,644 40,337 Net cash provided by operating activities 1,107,377 1,147,444 CASH FLOWS FROM INVESTING ACTIVITIES - Purchase of property & equipment (32,387) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (809,760) (809,760) NET INCREASE IN CASH AND CASH EQUIVALENTS 297,617 305,297 CASH AND CASH EQUIVALENTS: At beginning of period 506,933 407,250 At end of period $ 804,550 $ 712,547 See accompanying notes to financial statements (unaudited).
DSI REALTY INCOME FUND VI (A California Real Estate Limited Partnership) NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. GENERAL DSI Realty Income Fund VI (the "Partnership"), a limited partnership, has two general partners (DSI Properties, Inc., and Diversified Investors Agency) and limited partners owning 23,753 limited partnership units. The Partnership was formed under the California Uniform Limited Partnership Act for the primary purpose of acquiring and operating real estate. The accompanying financial information as of September 30, 1996, and for the periods ended September 30, 1996 and 1995, is unaudited. Such financial information includes all adjustments which are considered necessary by the Partnership's management for a fair presentation of the results for the periods indicated. 2. PROPERTY Properties owned by the Partnership are all mini-storage facilities. Depreciation is calculated using the straight line method over the estimated useful life of 20 years. The total cost of property and accumulated depreciation at September 30, 1996, is as follows: Land $ 1,759,000 Buildings 8,364,514 Furniture and Equipment 35,185 Total 10,158,699 Less: Accumulated Depreciation ( 5,729,920) Property - Net $ 4,428,779
3. NET INCOME PER LIMITED PARTNERSHIP UNIT Net income per limited partnership unit is calculated by dividing the net income allocated to the limited partners by the number of limited partnership units outstanding during the period. EX-27 4
5 3-MOS YEAR DEC-31-1996 DEC-31-1996 SEP-30-1996 DEC-31-1996 804550 0 0 0 0 0 0 0 0 0 0 0 10158699 0 5729920 0 5310924 0 0 0 0 0 0 0 0 0 0 0 0 0 5310924 0 1894939 0 1907844 0 0 0 0 0 0 0 0 0 0 0 833892 0 0 0 833892 0 0 0 0 0 0 0 833892 0 0 0 0 0
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