-----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, UaUp6RTWQSp3u8U9KXuKMMB3zdwe+Gry/zdn/BU1KYZdcnAwMq3VJm0Ob7cORCWS QGcARDsTCnVF0Zl8KIsd+w== 0000318835-98-000012.txt : 19980817 0000318835-98-000012.hdr.sgml : 19980817 ACCESSION NUMBER: 0000318835-98-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980814 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: 98688159 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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: July 31, 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: July 31, 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 July 31, 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 June 30, 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 June 30, 1998, and 1997, total revenues increased 9.9% from $630,789 to $693,141 and total expenses increased 7.5% from $400,985 to $431,201. As a result, net income increased 14.0% from $229,804 for the three month period ended June 30, 1997, to $261,940 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 87.7% for the three month period ended June 30, 1998, compared to 85.8% 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 increased approximately $23,400 (6.9%) primarily due to increases in maintenance and repair, real estate tax, salaries and wage expenses and 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 $6,800 (10.6%) 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. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. For the six month periods ended June 30, 1998, and 1997, total revenues increased 8.3% from $1,247,285 to $1,350,230 and total expenses increased 3.5% from $789,107 to $816,732. As a result, net income increased 16.5% from $458,178 for the six months ended June 30, 1997, to $533,858 for the same period in 1998. The reason for the increase in revenues is the same as discussed above for the three-month period. Operating expenses increased approximately $16,500 (2.5%) primarily due to increases in property management fees, real estate tax expenses and salaries and wages, partially offset by decreases in repairs and maintenance expenses and yellow pages advertising costs. The reason for the increase in property management fees was discussed above. General and adminstrative expenses increased approximately $10,400 (8.0%) 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. 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), JUNE 30, 1998 AND DECEMBER 31, 1997
June 30, December 31, 1998 1997 ASSETS CASH AND CASH EQUIVALENTS $ 682,525 $ 529,808 PROPERTY 3,691,303 3,900,913 OTHER ASSETS 99,636 38,842 TOTAL $4,473,464 $4,469,563 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $377,899 $368,015 PARTNERS' EQUITY: General Partners (52,329) (52,270) Limited Partners 4,147,894 4,153,818 Total partners' equity 4,095,565 4,101,548 TOTAL $4,473,464 $4,469,563 See accompanying notes to financial statements (unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997 June 30, June 30, 1998 1997 REVENUES: Rental Income $688,948 $627,006 Interest 4,193 3,783 Total revenue 693,141 630,789 EXPENSES: Operating Expenses 360,204 336,810 General and Administrative 70,997 64,175 Total expenses 431,201 400,985 NET INCOME $261,940 $229,804 AGGREGATE NET INCOME ALLOCATED TO : Limited partners $259,321 $227,506 General partners 2,619 2,298 TOTAL $261,940 $229,804 NET INCOME PER LIMITED PARTNERSHIP UNIT $10.92 $ 9.58 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 SIX MONTHS ENDED JUNE 30, 1998 AND 1997 June 30, June 30, 1998 1997 REVENUES: Rental Income $1,343,051 $1,240,247 Interest 7,179 7,038 Total revenues 1,350,230 1,247,285 EXPENSES: Operating Expenses 669,883 653,411 General and administrative 146,489 135,696 Total expenses 816,372 789,107 NET INCOME $533,858 $458,178 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $528,519 $453,596 General Partners 5,339 4,582 TOTAL $533,858 $458,178 NET INCOME PER LIMITED PARTNERSHIP UNIT $22.25 $19.10 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 SIX MONTHS ENDED JUNE 30, 1998 AND 1997
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1996 ($48,017) $4,574,918 $4,526,901 NET INCOME 4,582 453,596 458,178 DISTRIBUTIONS (5,398) (534,443) (539,841) EQUITY AT JUNE 30, 1997 ($48,833) $4,494,071 $4,445,238 EQUITY AT DECEMBER 31, 1997 ($52,270) $4,153,818 $4,101,548 NET INCOME 5,339 528,519 533,858 DISTRIBUTIONS (5,398) (534,443) (539,841) EQUITY AT JUNE 30, 1998 ($52,329) $4,147,894 $4,095,565 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30, 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 533,858 $ 458,178 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 209,611 209,610 Changes in assets and liabilities: Increase in other assets (60,794) (62,727) Increase(Decrease) in liabilities 9,883 (12,665) Net cash provided by operating activities 692,558 592,396 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (539,841) (539,841) NET INCREASE IN CASH AND CASH EQUIVALENTS 152,717 52,555 CASH AND CASH EQUIVALENTS: At beginning of period 529,808 560,121 At end of period $ 682,525 $ 612,676 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 June 30, 1998, and for the periods ended June 30, 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 June 30, 1998, is as follows: Land $ 1,759,000 Buildings 8,379,267 Equipment 35,185 Total 10,173,452 Less: Accumulated Depreciation ( 6,482,149) Property - Net $ 3,691,303
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 JUN-30-1998 DEC-31-1998 682525 0 0 0 0 0 0 0 0 0 0 0 10173452 0 6482149 0 4473464 0 0 0 0 0 0 0 0 0 0 0 0 0 4473464 0 1343051 0 1350230 0 0 0 0 0 0 0 0 0 0 0 533858 0 0 0 533858 0 0 0 0 0 0 0 533858 0 0 0 0 0
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