-----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, VBnV7eqwhBzDVRKlytDDCPz3dkNfH4xsfi6PLRaQZGIHDbXMauNuxJSPo3/Xwhi3 p5b4gUKXm/NM6hImFY9dtg== 0000318835-00-000002.txt : 20000516 0000318835-00-000002.hdr.sgml : 20000516 ACCESSION NUMBER: 0000318835-00-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 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: 633242 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, 2000. /___/ 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, 2000 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, 2000. 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, 2000. (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 28,2000 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 28, 2000 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 28, 2000 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, 2000. 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, 2000 and 1999, total revenues increased 7.9% from $700,968 to $756,157 and total expenses increased 4.8% from $410,361 to $430,140. As a result, net income increased 12.2% from $290,607 for the three month period ended March 31, 1999, to $326,017 for the same period in 2000. The revenue increase can be attributed to an increase in rental income as a result of higher occupancy rates. Occupancy levels for the Partnership's six mini-storage facilities averaged 84.6% for the three month period ended March 31, 2000, compared to 82.7% for the same period in 1999. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses increased approximately $15,800 (4.7%) primarily due to increases in yellow pages advertising costs, maintenance and repair expense and property management fees, partially offset by a decrease in security expenses. 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 (5.2%) primarily as a result of an increase in incentive management fees. Incentive manage- ment 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 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, 2000 AND DECEMBER 31, 1999
March 31, December 31, 2000 1999 ASSETS CASH AND CASH EQUIVALENTS $ 734,027 $ 559,869 PROPERTY,NET 3,071,482 3,176,287 OTHER ASSETS 60,381 60,379 TOTAL $3,865,890 $3,796,535 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $380,767 $367,509 PARTNERS' EQUITY (DEFICIT): General Partners (58,435) (58,996) Limited Partners 3,543,558 3,488,022 Total partners' equity 3,485,123 3,429,026 TOTAL $3,865,890 $3,796,535 See accompanying notes to financial statements (unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED March 31, 2000 AND 1999 March 31, March 31, 2000 1999 REVENUES: Rental Income $753,692 $698,590 Interest 2,465 2,378 Total revenue 756,157 700,968 EXPENSES: Operating 349,953 334,156 General and administrative 80,187 76,205 Total expenses 430,140 410,361 NET INCOME $326,017 $290,607 AGGREGATE NET INCOME ALLOCATED TO : Limited partners $322,757 $287,701 General partners 3,260 2,906 TOTAL $326,017 $290,607 NET INCOME PER LIMITED PARTNERSHIP UNIT $13.59 $12.11 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 (DEFICIT)(UNAUDITED) FOR THE THREE MONTHS ENDED March 31, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 ($55,794) $3,805,019 $3,749,225 NET INCOME 2,906 287,701 290,607 DISTRIBUTIONS (2,699) (267,221) (269,920) BALANCE AT MARCH 31, 1999 ($55,587) $3,825,499 $3,769,912 BALANCE AT JANUARY 1, 2000 ($58,996) $3,488,022 $3,429,026 NET INCOME 3,260 322,757 326,017 DISTRIBUTIONS (2,699) (267,221) (269,920) BALANCE AT MARCH 31, 2000 ($58,435) $3,543,558 $3,485,123 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
March 31, March 31, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 326,017 $ 290,607 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 104,805 104,805 Changes in assets and liabilities: Increase in other assets (2) 0 Increase in liabilities 13,258 10,501 Net cash provided by operating activities 444,078 405,913 CASH FLOWS FROM INVESTING ACTIVITIES- Additions to property 0 (19,303) CASH FLOWS FROM FINANCING ACTIVITIES- Distributions to partners (269,920) (269,920) NET INCREASE IN CASH AND CASH EQUIVALENTS 174,158 116,690 CASH AND CASH EQUIVALENTS: At beginning of period 559,869 546,110 At end of period $ 734,027 $ 662,800 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, 2000, and for the periods ended March 31, 2000 and 1999, 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, 2000, is as follows: Land $ 1,759,000 Buildings 8,429,963 Furniture and Equipment 35,185 Total 10,287,266 Less: Accumulated Depreciation ( 7,215,784) Property - Net $ 3,071,482
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-31-2000 DEC-31-2000 MAR-31-2000 DEC-31-2000 734027 0 0 0 0 0 0 0 0 0 0 0 10287266 0 7215784 0 3865890 0 0 0 0 0 0 0 0 0 0 0 0 0 3865890 0 753692 0 756157 0 0 0 0 0 0 0 0 0 0 0 326017 0 0 0 326017 0 0 0 0 0 0 0 326017 0 0 0 0 0
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