-----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, SjUemZmV6mggpvo70iC0vFo3zCE+Fz4HtS/kJKPBzzq8HgxVPPRmbkO7BrhUs6ik bkijBl//eGvgpboIFvEwcQ== 0000318835-98-000007.txt : 19980519 0000318835-98-000007.hdr.sgml : 19980519 ACCESSION NUMBER: 0000318835-98-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980518 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: 98626674 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 March 31, 1998. /___/ 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.) 6700 E. Pacific Coast Hwy, Long Beach, California 90803 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code-(562)493-8881. _________________________________________________________________ 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 March 31, 1998 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 March 31, 1998. 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 March 31, 1998. (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: April 30, 1998 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: April 30, 1998 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 April 30, 1998 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 March 31, 1998. 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 March 31, 1998 and 1997, total revenues increased 6.6% from $616,496 to $657,089 and total expenses decreased 0.8% from $388,122 to $385,171. As a result, net income increased 19.1% from $228,374 for the three month period ended March 31, 1997, to $271,918 for the same period in 1998. The revenue increase can be attributed to an increase in rental income as a result of higher occupancy and unit rental rates. Occupancy levels for the Partnership's six mini-storage facilities averaged 85.1% for the three month period ended March 31, 1998, compared to 83.6% for the same period in 1997. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses decreased approximately $6,900 (2.2%) primarily due to a decrease in maintenance and repair expense, partially offset by an increase in property management fees. Property management fees, which are based on rental revenue, increased as a result of the increase in rental revenue. General and administrative expenses increased approximately $4,000 (5.6%) primarily as a result of an increase in incentive management fees. Incentive management fees, which are based on cash available for distribution, increased as a result of the increase in net income during the three month period ended March 31, 1998, as compared to the same period in 1997. The General Partners plan to continue their policy of funding the continuing improvement 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), March 31, 1998 AND DECEMBER 31, 1997
March 31, December 31, 1998 1997 ASSETS CASH AND CASH EQUIVALENTS $ 599,686 $ 529,808 PROPERTY 3,796,108 3,900,913 OTHER ASSETS 48,133 38,342 TOTAL $4,443,927 $4,469,563 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $340,381 $368,015 PARTNERS' EQUITY: General Partners (52,250) (52,270) Limited Partners 4,155,796 4,153,818 Total partners' equity 4,103,546 4,101,548 TOTAL $4,443,927 $4,469,563 See accompanying notes to financial statements (unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED March 31, 1998 AND 1997 March 31, March 31, 1998 1997 REVENUES: Rental Income $654,103 $613,241 Interest 2,986 3,255 Total revenue 657,089 616,496 EXPENSES: Operating Expenses 309,679 316,601 General and administrative 75,492 71,521 Total expenses 385,171 388,122 NET INCOME $271,918 $228,374 AGGREGATE NET INCOME ALLOCATED TO : Limited partners $269,199 $226,090 General partners 2,719 2,284 TOTAL $271,918 $228,374 NET INCOME PER LIMITED PARTNERSHIP UNIT $11.33 $ 9.52 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 THREE MONTHS ENDED March 31, 1998 AND 1997
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1996 ($48,017) $4,574,918 $4,526,901 NET INCOME 2,284 226,090 228,374 DISTRIBUTIONS (2,699) (267,221) (269,920) --------- ----------- ----------- EQUITY AT MARCH 31, 1997 ($48,432) $4,533,787 $4,485,355 ========= =========== =========== EQUITY AT DECEMBER 31, 1997 ($52,270) $4,153,818 $4,101,548 NET INCOME 2,719 269,199 271,918 DISTRIBUTIONS (2,699) (267,221) (269,920) --------- ----------- ----------- EQUITY AT MARCH 31, 1998 ($52,250) $4,155,796 $4,103,546 ========= =========== =========== See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31, 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 271,918 $ 228,374 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 104,806 104,805 Changes in assets and liabilities: Increase in other assets (9,291) (49,480) Increase in liabilities (27,635) 10,808 Net cash provided by operating activities 339,798 294,507 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (269,920) (269,920) NET INCREASE IN CASH AND CASH EQUIVALENTS 69,878 24,587 CASH AND CASH EQUIVALENTS: At beginning of period 529,808 560,121 At end of period $ 599,686 $ 584,708 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 March 31, 1998, and for the periods ended March 31, 1998 and 1997, 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 March 31, 1998, is as follows: Land $ 1,759,000 Buildings 8,379,267 Furniture and Equipment 35,185 Total 10,173,452 Less: Accumulated Depreciation ( 6,377,344) Property - Net $ 3,796,108
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-31-1998 DEC-31-1998 MAR-31-1998 DEC-31-1998 599686 0 0 0 0 0 0 0 0 0 0 0 10173452 0 6377344 0 4443927 0 0 0 0 0 0 0 0 0 0 0 0 0 4443927 0 654103 0 657089 0 0 0 0 0 0 0 0 0 0 0 271918 0 0 0 271918 0 0 0 0 0 0 0 271918 0 0 0 0 0
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