-----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, OahlQhHeUjJrZ0GEP0dAsFztYdaUn0I1fevzuJ05H9ft3lVT7LtqJLwIHUOsrkKc GX9gsWeJcGBUOCZid2KfxA== 0000318835-01-500028.txt : 20020410 0000318835-01-500028.hdr.sgml : 20020410 ACCESSION NUMBER: 0000318835-01-500028 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010930 FILED AS OF DATE: 20011114 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: 1934 Act SEC FILE NUMBER: 002-68926 FILM NUMBER: 1789018 BUSINESS ADDRESS: STREET 1: 6700 E. PACIFIC COAST HWY STREET 2: SUITE 150 CITY: LONG BEACH STATE: CA ZIP: 90803 BUSINESS PHONE: 562 493-8881 MAIL ADDRESS: STREET 1: P.O. BOX 357 CITY: LONG BEACH STATE: CA ZIP: 90801 FORMER COMPANY: FORMER CONFORMED NAME: DSI REALTY INCOME FUND 81-I DATE OF NAME CHANGE: 19870812 10-Q 1 dsi06901.txt 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, 2001 /___/ 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 September 30, 2001, 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, 2001. 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, 2001. (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, 2001 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, 2001 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 October 31, 2001 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, 2001. 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, 2001 and 2000, total revenues decreased 2.7% from $803,919 to $782,190 and total expenses decreased 2.4% from $442,232 to $431,582 and other income decreased from $3,102 to $1,324. As a result, net income decreased 3.5% from $364,789 for the three-month period ended September 30, 2000, to $351,932 for the same period in 2001. The revenue decrease can be attributed to a decrease in rental income as a result of lower occuapncy rates. Occupancy levels for the Partnership's six mini-storage facilities averaged 88.4% for the three-month period ended September 30, 2001, compared to 90.1% for the same period in 2000. The Partnerhsip is continuing its marketing efforts to attract and keep new tenants in its various mini- storage facilities. Operating expenses decreased approximately $22,700 (5.9%) primarily due to decreases in advertising, maintenance and repair,salaries and wages and postage expenses, partially offset by an increase in office supply expense. General and administrative expenses increased $12,000 (21.7%) as a result of relatively insignificant fluctuations in various expense accounts. For the nine-month periods ended September 30, 2001, and 2000, total revenues increased 2.1% from $2,314,528 to $2,362,987 and total expenses decreased 2.2% from $1,316,461 to $1,287,290 and other income decreased from $8,480 to $4,992. As a result, net income increased 7.4% from $1,006,547 for the nine months ended September 30, 2000, to $1,080,689 for the same period in 2001. The revenue increase can be attributed to an increase in rental revenue as a result of higher unit rental rates. Operating expenses decreased approximately $35,100 (3.2%) primarily due to decreases in advertising, maintenance and repair, workers compensation insurance and postage expenses, partially offset by increases in property management fees, office supplies and salaries and wages expenses. Property management fees, which are based on rental revenue, increased as a result of the increase in rental revenue. General and admin- istrative expenses increased approximately $5,900 (2.6%) as a result of relatively insignificant fluctuations in various expense accounts. 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 DSI REALTY INCOME FUND VI (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED), SEPTEMBER 30, 2001 AND DECEMBER 31, 2000
September 30, December 31, 2001 2000 ASSETS CASH AND CASH EQUIVALENTS $1,111,774 $ 537,423 PROPERTY, Net 2,440,736 2,755,151 OTHER ASSETS 86,879 80,379 TOTAL $3,639,389 $3,372,953 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $395,645 $400,138 PARTNERS' EQUITY (DEFICIT): General Partners (60,847) (63,557) Limited Partners 3,304,591 3,036,372 Total partners' equity 3,243,744 2,972,815 TOTAL $3,639,389 $3,372,953 See accompanying notes to financial statements (unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000 September 30, September 30, 2001 2000 REVENUES: Rental $782,190 $803,919 EXPENSES: Operating 364,142 386,830 General and administrative 67,440 55,402 Total expenses 431,582 442,232 OPERATING INCOME 350,608 361,687 OTHER INCOME Interest 1,324 3,102 NET INCOME 351,932 364,789 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $348,413 $361,141 General partners 3,519 3,648 TOTAL $351,932 $364,789 NET INCOME PER LIMITED PARTNERSHIP UNIT $14.67 $15.20 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, 2001 AND 2000 September 30, September 30, 2001 2000 REVENUES: Rental $2,362,987 $2,314,528 EXPENSES: Operating 1,054,293 1,089,379 General and administrative 232,997 227,082 Total expenses 1,287,290 1,316,461 OPERATING INCOME 1,075,697 998,067 OTHER INCOME Interest 4,992 8,480 NET INCOME 1,080,689 1,006,547 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners 1,069,882 996,482 General Partners 10,807 10,065 TOTAL 1,080,689 1,006,547 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 45.04 $ 41.95 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, 2001 AND 2000
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 2000 ($58,996) $3,488,022 $3,429,026 NET INCOME 10,065 996,482 1,006,547 DISTRIBUTIONS (8,097) (801,663) (809,760) BALANCE AT SEPTEMBER 30, 2000 ($57,028) $3,682,841 $3,625,813 BALANCE AT JANUARY 1, 2001 ($63,557) $3,036,372 $2,972,815 NET INCOME 10,807 1,069,882 1,080,689 DISTRIBUTIONS (8,097) (801,663) (809,760) BALANCE AT SEPTEMBER 2001 ($60,847) $3,304,591 $3,243,774 See accompanying notes to financial statements (unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
September 30, September 30, 2001 2000 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $1,080,689 $1,006,547 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 314,415 314,415 Changes in assets and liabilities: Increase in other assets (6,500) (2) (Decrease)increase in liabilities (4,493) 73,691 Net cash provided by operating activities 1,384,111 1,394,651 CASH FLOWS FROM INVESTING ACTIVITIES - Additions to property (28,757) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (809,760) (809,760) NET INCREASE IN CASH AND CASH EQUIVALENTS 574,351 556,134 CASH AND CASH EQUIVALENTS: At beginning of period 537,423 559,869 At end of period $1,111,774 $1,116,003 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, 2001, and for the periods ended September 30, 2001 and 2000, 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, 2001, is as follows: Land $ 1,759,000 Buildings 8,538,025 Equipment 38,710 Total 10,335,735 Less: Accumulated Depreciation ( 7,894,999) Property - Net $ 2,440,736
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. -----END PRIVACY-ENHANCED MESSAGE-----