-----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, F2VyKcw3C1yli4ioMPKVv1TMf/Xq06L4prrvD3Sgaixh7XKPMRyIVVdD3sqyvfLE FBC8Fn7TfqEdjy29bvGhcQ== 0000318835-97-000011.txt : 19971114 0000318835-97-000011.hdr.sgml : 19971114 ACCESSION NUMBER: 0000318835-97-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971112 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: SEC FILE NUMBER: 002-68926 FILM NUMBER: 97714029 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, 1997. /___/ 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-(562)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, 1997, 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, 1997. 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, 1997. (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, 1997 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, 1997 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, 1997 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, 1997. 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, 1997 and 1996, total revenues decreased 0.6% from $656,747 to $652,761 and total expenses increased 15.6% from $348,105 to $402,431. As a result, net income decreased 18.9% from $308,642 for the three month period ended September 30, 1996, to $250,330 for the same period in 1997. The slight revenue decrease can be primarily attributed to a decrease in rental income as a result of lower unit rental rates partially offset by higher occupancy rates. Operating expenses increased approximately $58,600 (19.5%) primarily due to increases in maintenance and repair expenses and salaries and wages. General and administrative expenses decreased approximately $4,300 (8.9%) primarily as a result of a decrease in incentive management fees. Incentive management fees which are based on cash available for distribution, decreased as a result of the decrease in net income. Occupancy levels for the Partnership's six mini-storage facilities averaged 86.7% for the three month period ended September 30, 1997, compared to 85.1% for the same period in 1996. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini- storage facilities. For the nine month periods ended September 30, 1997, and 1996, total revenues decreased 0.4% from $1,907,844 to $1,900,046 and total expenses increased 10.9% from $1,073,952 to $1,191,538. As a result, net income decreased 15.0% from $833,892 for the nine months ended September 30, 1996, to $708,508 for the same period in 1997. The reason for the decrease in revenues can be primarily attributed to a decrease in late fees as rental income remained constant. Operating expenses increased approximately $109,100 (12.1%) primarily due to increases in yellow pages advertising costs, maintenance and repair expenses and salaries and wages. General and administrative expenses increased approximately $8,500 (5.0%) primarily as a result of an increase in Colorado State Taxes which were levied for the first time, partially offset by a decrease in incentive management fees. Incentive management fees which are based on cash available for distribution, decreased as a result of the decrease in net income. 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, 1997 AND DECEMBER 31, 1996
September 30, December 31, 1997 1996 ASSETS CASH AND CASH EQUIVALENTS $ 743,906 $ 560,121 PROPERTY 3,990,965 4,305,379 OTHER ASSETS 72,718 38,342 TOTAL $4,807,589 $4,903,842 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $381,940 $376,941 PARTNERS' EQUITY: General Partners (49,029) (48,017) Limited Partners 4,474,678 4,574,918 Total partners' equity 4,425,649 4,526,901 TOTAL $4,807,589 $4,903,842 See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30, 1997 1996 REVENUES: Rental Income $647,974 $651,542 Interest 4,787 5,205 Total revenue 652,761 656,747 EXPENSES: Operating Expenses 358,588 299,996 General and administrative 43,843 48,109 Total expenses 402,431 348,105 NET INCOME $250,330 $308,642 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $247,827 $305,556 General partners 2,503 3,086 TOTAL $250,330 $308,642 NET INCOME PER LIMITED PARTNERSHIP UNIT $10.43 $12.86 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, 1997 AND 1996
September 30, September 30, 1997 1996 REVENUES: Rental Income $1,888,221 $1,894,939 Interest 11,825 12,905 Total Revenues 1,900,046 1,907,844 EXPENSES: Operating Expenses 1,011,999 902,949 General and administrative 179,539 171,003 Total expenses 1,191,538 1,073,952 NET INCOME 708,508 833,892 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners 701,423 825,553 General Partners 7,085 8,339 TOTAL 708,508 833,892 NET INCOME PER LIMITED PARTNERSHIP UNIT 29.53 34.76 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, 1997 AND 1996
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1995 ($44,075) $4,965,085 $4,921,010 NET INCOME 8,339 825,553 833,892 DISTRIBUTIONS (8,097) (801,663) (809,760) EQUITY AT SEPTEMBER 30, 1996 ($43,833) $4,988,975 $4,945,142 EQUITY AT DECEMBER 31, 1996 ($48,017) $4,574,918 $4,526,901 NET INCOME 7,085 701,423 708,508 DISTRIBUTIONS (8,097) (801,663) (809,760) EQUITY AT SEPTEMBER 30, 1997 ($49,029) $4,474,678 $4,425,649 See accompanying notes to financial statements (unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30, 1997 1996 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 708,508 $ 833,892 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 314,415 311,094 Changes in assets and liabilities: Increase in other assets (34,376) (39,253) Increase in liabilities 4,998 1,644 Net cash provided by operating activities 993,545 1,107,377 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (809,760) (809,760) NET INCREASE IN CASH AND CASH EQUIVALENTS 183,785 297,617 CASH AND CASH EQUIVALENTS: At beginning of period 560,121 506,933 At end of period $ 743,906 $ 804,550 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, 1997, and for the periods ended September 30, 1997 and 1996, 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, 1997, is as follows: Land $ 1,759,000 Buildings 8,364,514 Furniture and Equipment 35,185 Total 10,158,699 Less: Accumulated Depreciation ( 6,167,734) Property - Net $ 3,990,965
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-31-1997 DEC-31-1997 SEP-30-1997 DEC-31-1997 743906 0 0 0 0 0 0 0 0 0 0 0 10158699 0 6167734 0 4807589 0 0 0 0 0 0 0 0 0 0 0 0 0 4807589 0 1888221 0 1900046 0 0 0 0 0 0 0 0 0 0 0 708508 0 0 0 708508 0 0 0 0 0 0 0 708508 0 0 0 0 0
-----END PRIVACY-ENHANCED MESSAGE-----