EX-20 3 0003.txt DSI REALTY INCOME FUND VI (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED), JUNE 30, 2000 AND DECEMBER 31, 1999
June 30, December 31, 2000 1999 ASSETS CASH AND CASH EQUIVALENTS $ 852,470 $ 559,869 PROPERTY, Net 2,991,909 3,176,287 OTHER ASSETS 60,381 60,379 TOTAL $3,904,760 $3,796,535 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $373,817 $367,509 PARTNERS' EQUITY (DEFICIT): General Partners (57,976) (58,996) Limited Partners 3,588,919 3,488,022 Total partners' equity 3,530,943 3,429,026 TOTAL $3,904,760 $3,796,535 See accompanying notes to financial statements (unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999 June 30, June 30, 2000 1999 REVENUES: Rental income $756,917 $706,590 Interest 2,913 2,357 Total revenue 759,830 708,947 EXPENSES: Operating Expenses 352,596 364,202 General and Administrative 91,493 75,685 Total expenses 444,089 439,887 NET INCOME $315,741 $269,060 AGGREGATE NET INCOME ALLOCATED TO : Limited Partners $312,584 $266,369 General Partners 3,157 2,691 TOTAL $315,741 $269,060 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 13.16 $ 11.21 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, 2000 AND 1999 June 30, June 30, 2000 1999 REVENUES: Rental income $1,510,609 $1,405,180 Interest 5,378 4,735 Total revenues 1,515,987 1,409,915 EXPENSES: Operating 702,549 698,358 General and administrative 171,680 151,890 Total expenses 874,229 850,248 NET INCOME $641,758 $559,667 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $635,340 $554,070 General Partners 6,418 5,597 TOTAL $641,758 $559,667 NET INCOME PER LIMITED PARTNERSHIP UNIT $26.75 $23.33 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, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 ($55,794) $3,805,019 $3,749,225 NET INCOME 5,597 554,070 559,667 DISTRIBUTIONS (5,398) (534,443) (539,841) BALANCE AT JUNE 30, 1999 ($55,595) $3,824,646 $3,769,051 BALANCE AT JANUARY 1, 2000 ($58,996) $3,488,022 $3,429,026 NET INCOME 6,418 635,340 641,758 DISTRIBUTIONS (5,398) (534,443) (539,841) BALANCE AT JUNE 30, 2000 ($57,976) $3,588,919 $3,530,943 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
June 30, June 30, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 641,758 $ 559,667 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 209,610 209,610 Changes in assets and liabilities: Increase in other assets (2) (558) Increase(decrease) in liabilities 6,308 (53,743) Net cash provided by operating activities 857,674 714,976 CASH FLOWS FROM INVESTING ACTIVITIES - Additions to property (25,232) (19,303) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (539,841) (539,841) NET INCREASE IN CASH AND CASH EQUIVALENTS 292,601 155,832 CASH AND CASH EQUIVALENTS: At beginning of period 559,869 546,110 At end of period $ 852,470 $ 701,942 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, 2000, and for the periods ended June 30, 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 June 30, 2000, is as follows: Land $ 1,759,000 Buildings 8,518,313 Equipment 35,185 Total 10,312,498 Less: Accumulated Depreciation ( 7,320,589) Property - Net $ 2,991,909
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.