0000318835-13-000011.txt : 20130520 0000318835-13-000011.hdr.sgml : 20130520 20130520171729 ACCESSION NUMBER: 0000318835-13-000011 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130520 DATE AS OF CHANGE: 20130520 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 002-68926 FILM NUMBER: 13859328 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/A 1 dsi00610q1213.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[x] Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities and Exchange Act of 1934

For the quarterly period ended March 31, 2013

[ ] Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ________________ to _______________

Commission File No. 2-68926.


DSI REALTY INCOME FUND VI

a California Limited Partnership

California   95-3633566
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)

6700 E. Pacific Coast Hwy., Long Beach, California 90803

(Address of principal executive offices)

Registrant’s telephone number, including area code (562) 493-8881

 

Indicate by check mark whether the issuer (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 [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [ ] Accelerated filer [ ]  Non-accelerated filer [ ] Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

The issuer is a limited partnership. All 23,753 limited partnership units originally sold for $500.00 per unit. There is no trading market for the limited partnership units.

This amendment includes the complete 10-Q as the original filing due to technical issues with the with the 10-Q filing which necessitated filing of the 12b-25 as form NT-10Q.

Certain statements contained in this discussion or elsewhere in this report may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words and phrases such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “designed to achieve”, variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future – including statements relating to rent and occupancy growth, general conditions in the geographic areas where we operate – are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict.

Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Many of the factors that may affect outcomes and results are beyond our ability to control.

 
 

PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)

       
Condensed Balance Sheets (Unaudited)      
  March 31, 2013   December 31, 2012
      (Audited)
ASSETS:      
    Cash & Equivalents $ 616,924   $ 616,963
    Property Net 1,246,497   1,249,228
    Net Rent Receivables 116,194   144,203
    Prepaid Advertising 14,459   -
    Other Assets 54,950   15,842
    Discontinued Operating Asset 9,235   8,291
    TOTAL ASSETS $2,058,259   $2,034,527
       
LIABILITIES AND PARTNERS' EQUITY      
    LIABILITIES:      
        Distribution due to Partners $ 149,956   $ 149,956
        Incentive Management Fee Liability 36,171   23,220
        Property Management Fee Liability 9,072   7,678
        Deferred Income 30,814   22,656
        Accrued Expenses 14,695   14,727
        Other Liabilities 24,332   19,944
        Discontinued Operating Liabilities 2,376   2,545
        Total Liabilities 267,416   240,726
       
    PARTNERS' EQUITY:      
        General Partners (73,280)   (73,249)
        Limited Partners 1,864,123   1,867,051
        Total Partners' Equity 1,790,843   1,793,801
    TOTAL LIABILITIES AND PARTNERS’ EQUITY $2,058,259   $2,034,527

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
 

DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
 

       
Condensed Statements of Income (Unaudited) Three Months Ended
  March 31, 2013   March 31, 2012
       
REVENUES:      
    Self-storage rental income $ 411,091   $ 403,572
    Ancillary operating revenue 41,922   41,417
    Interest and other income -   44
    Total Revenues 453,013   445,033
EXPENSES:      
    Depreciation 2,731   5,557
    Operating 188,243   205,621
    General and administrative 73,834   69,825
    General partners' incentive management fee 12,951   16,048
    Property management fee 29,367   28,200
    Total Expenses 307,126   325,251
INCOME FROM CONTINUING OPERATIONS $ 145,887   $ 119,782
INCOME FROM DISCONTINUED OPERATIONS 1,111   63,251
NET INCOME $ 146,998   $ 183,033
       
AGGREGATE INCOME ALLOCATED TO:      
    General partners $1,470    $1,830 
    Limited partners 145,528   181,203
    TOTAL $ 146,998   $ 183,033
       
Weighted average limited partnership units outstanding 23,753   23,753
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP PER LIMITED PARTNERSHIP UNIT $6.13   $7.63
         

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

 

 

 
 

DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
 

       

Condensed Statements of Changes in Partners' Equity (Deficit) (Unaudited)

 

 

 
  General Partners Limited Partners Total
       
BALANCE, December 31, 2012 (Audited) $(73,250) $1,867,051 $1,793,801
Net Income Allocation 1,470 145,528 146,998
Distributions (1,500) (148,456) (149,956)
BALANCE, March 31, 2013 $(73,280) 1,864,123 $1,790,843
       

The accompanying notes are an integral part of these unaudited condensed financial statements.
 

 
 

DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)

     
Condensed Statements of Cash Flows (Unaudited) Three Months Ended Three Months Ended
  March 31, 2013 March 31, 2012
     
CASH FLOWS FROM OPERATING ACTIVITIES    
    Net income attributable to the Partnership $146,998 $183,034
Adjustments to reconcile net income to net cash provided by operating activities:    
        Depreciation 2,731 5,557
        Discontinued operations income (1,111) (63,476)
        Changes in assets and liabilities    
            Other assets (25,559) (6,500)
            Incentive management fee payable to General Partners 12,951 12,981
            Property management fees payable 1,394 38
            Customer deposits and other liabilities 12,513 (12,185)
    Net cash provided by operating activities 149,917 119,449
     
CASH FLOWS FROM INVESTING ACTIVITIES    
    Additions to property - -
    Net cash used in investing activities - -
     
CASH FLOWS FROM FINANCING ACTIVITIES    
    Distributions to partners (149,956) (209,938)
    Net cash used in financing activities (149,956) (209,938)
     
DISCONTINUED OPERATIONS    
    Net cash used in operating activities - 68,410
    Net cash used in discontinued operations - 68,410
     
    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (33,334) (22,079)
    CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 667,743 630,424
    CASH AND CASH EQUIVALENTS AT END OF PERIOD $634,409 $608,345
     
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
    Cash paid for interest $- $-
     
NON CASH INVESTING AND FINANCING ACTIVITIES:    
    Distributions due partners included in partners' equity $149,956 $209,938

The accompanying notes are an integral part of these unaudited condensed financial statements.

 
 

DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

March 31, 2013

1. GENERAL

Registrant, DSI Realty Income Fund VI (the "Partnership") is a publicly-held limited partnership organized under the California Uniform Limited Partnership Act pursuant to a Certificate and Agreement of Limited Partnership (hereinafter referred to as "Agreement") dated March 27, 1981. The General Partners are DSI Properties, Inc., a California corporation, and RJC Capital Management, LLC and JWC Capital Management, LLC.

DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, the Partnership sold twenty-three thousand seven hundred fifty-three (23,753) units of limited partnership interests, aggregating Eleven Million Eight Hundred Seventy-Six Thousand Five Hundred Dollars ($11,876,500). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions), without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future.

The Partnership owns mini-storage facilities located in Vallejo, California; Arvada, Federal Heights and Colorado Springs, Colorado; and two in Santa Rosa, California. All facilities were purchased from Dahn Corporation ("Dahn"). Dahn is not affiliated with the Partnership. Dahn is affiliated with other partnerships in which DSI Properties, Inc. is a general partner (see Note 5).

The accompanying unaudited interim financial statements have been prepared by the Partnership's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are considered necessary for a fair presentation of the results for the interim periods presented. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. These unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 2011.


Significant Accounting Policies

The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the three months ended March 31, 2013 and 2012 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of March 31, 2013 and December 31, 2012, accumulated other comprehensive income was $0.

ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. The Partnership considers the carrying amount of cash, accounts receivable, other receivables, accounts payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization.

 

Recent Accounting Pronouncements

In April 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-07 Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting, in order to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. The Partnership does not expect the adoption of the standard update to have a material impact on its financial position or results of operations.

In February 2013, the FASB issued ASU 2013-0 Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, in order to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. generally accepted accounting principles (GAAP). The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Partnership does not expect the adoption of the standard update to have a material impact on its financial position or results of operations.

In February 2013, the FASB issued ASU 2013-02 Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, in order to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this Update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to income or expense in the same reporting period. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The Partnership considers the adoption of the standard update will not impact its financial position or results of operations.

In January 2013, the FASB issued ASU 2013-01 Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, in order to clarify that the scope of Update 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. An entity is required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The Partnership does not expect the adoption of the standard update to have a material impact on its financial position or results of operations.

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. Property under capital leases is amortized over the lives of the respective leases. The total cost of property and accumulated depreciation at March 31, 2013 and December 31, 2012 were as follows:

  March 31, 2013 December 31, 2012
Land $ 1,207,000 $ 1,207,000
Buildings and improvements 5,769,719 5,769,719
Rental trucks under capital leases 126,159 126,159
Total 7,102,878 7,102,878
Less accumulated depreciation (5,856,382) (5,839,744)
Property - net $ 1,246,496 $1,263,134

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.

 
 

4. ALLOCATION OF PROFITS AND LOSSES AND GENERAL PARTNERS' INCENTIVE MANAGEMENT FEE

Under the Agreement of Limited Partnership, the general partners are to be allocated 1% of the net profits or losses from operations, and the limited partners are to be allocated the balance of the net profits or losses from operations in proportion to their limited partnership interests. The general partners are also entitled to receive a percentage, based on a predetermined formula, of any cash distribution from the sale, other disposition, or refinancing of the project.

In addition, the general partners are entitled to receive an incentive management fee for supervising the operations of the Partnership. The fee is to be paid in an amount equal to 9% per annum of the cash available for distribution on a cumulative basis, calculated as cash generated from operations less capital expenditures.

5. RELATED-PARTY TRANSACTIONS                

The Partnership has entered into a management agreement with Dahn to operate its mini-storage facilities. The management agreement provides for a management fee equal to 6% of gross revenue from operations, which is defined as the entire amount of all receipts from the renting or leasing of storage compartments and sale of locks. The management agreement is renewable annually. Dahn earned management fees equal to $29,367 and $37,215, for the three month periods ended March 31, 2013 and 2012, respectively. Amounts payable to Dahn at March 31, 2013 and December 31, 2012 were $9,072 and $7,678, respectively.

Beginning in July 2011, the General Partner, DSI Properties, Inc. performs all tax related work with respect to the Partnership. These services are paid monthly in the amount of $3,572. Tax fees paid to DSI Properties, Inc. for the three month period ended March 31, 2013 were $10,716.

6. SUBSEQUENT EVENTS

Events subsequent to March 31, 2013, have been evaluated through the date these unaudited interim financial statements were issued to determine whether they should be disclosed to keep the unaudited interim financial statements from being misleading. Management found no subsequent events that should be disclosed.


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Critical Accounting Policies

Revenue recognition - Revenue is recognized using the accrual method based on contractual amounts provided for in the lease agreements, which approximates recognition on a straight-line basis. The term of the lease agreements is usually less than one year.

 

RESULTS OF OPERATIONS

2013 COMPARED TO 2012  

For the three-month periods ended March 31, 2013 and 2012, revenues increased 1.8% to $453,013 from $445,033 and total expenses decreased 5.6% to $307,126 from $325,251 resulting in a decrease in net income of 19.7% to $145,887 from $183,033. Rental revenues increased primarily as a result of increases in unit rental rates. Occupancy levels for the Partnership's mini-storage facilities averaged 67.9% for the three-month period ended March 31, 2013, compared to 68.8% for the same period in 2012. Operating expenses decreased $17,378 or 8.5% primarily due to decreases in promotional advertising and employee promotional expenses partially offset by an increase salaries expense. General and administrative expenses increased $4,009 or 5.7% primarily as a result of a increase in legal and professional expenses and administrative expense.

The General Partners plan to continue their policy of funding the continuing improvement and maintenance of Partnership properties with cash generated from operations. In addition, the Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Partnership’s management, with the participation of the principal executive officer and principal financial officer of DSI Properties, Inc., its General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, has evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the principal executive officer and principal financial officer of the General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, concluded that, as of the end of such period, the Partnership’s disclosure controls and procedures were effective.  

Changes in Internal Control over Financial Reporting.

There have been no significant changes in the Partnership’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the reporting period that have materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Registrant is not a party to any material pending legal proceedings.

ITEM 1A. RISK FACTORS

Not required.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. (REMOVED AND RESERVED)

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

(a) Exhibits

31.1 Rule 13a-14(a)/15d-14(a) Certification: Principal Executive Officer
31.2 Rule 13a-14(a)/15d-14(a) Certification: Principal Financial Officer
32.1 Section 1350 Certification: Principal Executive Officer
32.2 Section 1350 Certification: Principal Financial Officer
101.INS XBRL Instance Document*
101.SCH XBRL Taxonomy Extension Schema Document*
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB XBRL Taxonomy Extension Label Linkbase Document*
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document*

 
 

*To be filed by amendment. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

DSI REALTY INCOME FUND VI,
a California Limited Partnership
by: DSI Properties, Inc., a California Corporation, as General Partner

 

By: /s/ ROBERT J. CONWAY

Dated: May 20, 2012

ROBERT J. CONWAY, President
(Chief Executive Officer and Director)


By: /s/ RICHARD P. CONWAY

Dated: May 20, 2012

RICHARD P. CONWAY, Executive Vice President
(Chief Financial Officer and Director)

 

 

 
 

EXHIBIT 31.1
Rule 13a-14(a)/15d-14(a) Certification

I, Robert J. Conway, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of DSI Realty Income Fund VI;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15e and 15d-15e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ ROBERT J. CONWAY


Robert J. Conway
President of DSI Properties, Inc.,
General Partner (chief executive officer)
May 20, 2012

 
 

EXHIBIT 31.2
Rule 13a-14(a)/15d-14(a) Certification

I, Richard P. Conway, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of DSI Realty Income Fund VI;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which

such statements were made, not misleading with respect to the period covered by this report.

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15e and 15d-15e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ RICHARD P. CONWAY


Richard P. Conway
Executive Vice President of DSI Properties, Inc.,
General Partner (chief financial officer)
May 20, 2012
 

 
 

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of DSI Realty Income Fund VI (the "Partnership") on Form 10-Q for the period ending March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Robert J. Conway, President of DSI Properties, Inc., General Partner of the Partnership, and performing the functions of chief executive officer of the Partnership, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Partnership.

 

/s/ ROBERT J. CONWAY


Robert J. Conway
President of DSI Properties, Inc.,
General Partner (chief executive officer)
May 20, 2012
 

 
 

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of DSI Realty Income Fund VI (the "Partnership") on Form 10-Q for the period ending March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard P. Conway, Executive Vice President of DSI Properties, Inc., General Partner of the Partnership, and performing the functions of chief financial officer of the Partnership, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Partnership.

 

/s/ RICHARD P. CONWAY


Richard P. Conway
Executive Vice President of DSI Properties, Inc.,
General Partner (chief financial officer)
May 20, 2012

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The General Partners are DSI Properties, Inc., a California corporation, and RJC Capital Management, LLC and JWC Capital Management, LLC.<br /> <br /> DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, the Partnership sold twenty-three thousand seven hundred fifty-three (23,753) units of limited partnership interests, aggregating Eleven Million Eight Hundred Seventy-Six Thousand Five Hundred Dollars ($11,876,500). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions), without making any capital contribution to the Partnership. 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The amendments in this Update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to income or expense in the same reporting period. 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Related Party Transactions
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Related Party Transactions

The Partnership has entered into a management agreement with Dahn to operate its mini-storage facilities. The management agreement provides for a management fee equal to 6% of gross revenue from operations, which is defined as the entire amount of all receipts from the renting or leasing of storage compartments and sale of locks. The management agreement is renewable annually. Dahn earned management fees equal to $27,367 and $37,215, for the three month periods ended March 31, 2012 and 2012, respectively. Amounts payable to Dahn at March 31, 2012 and December 31, 2012 were $9,072 and $7,678, respectively.

 

Beginning in July 2011, the General Partner, DSI Properties, Inc. performs all tax related work with respect to the Partnership. These services are paid monthly in the amount of $3,572. Tax fees paid to DSI Properties, Inc. for the three month period ended March 31, 2012 were $10,716.

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M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S"!&964@=&\@ M1V5N97)A;"!087)T;F5R/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M M<#XD(#,L-3'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2`M(%-U;6UA'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M2`M(&YE=#PO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S M+6%S8VEI(@T*#0H\>&UL('AM;&YS.F\],T0B=7)N.G-C:&5M87,M;6EC'1087)T7S XML 11 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
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. Property under capital leases is amortized over the lives of the respective leases. The total cost of property and accumulated depreciation at March 31, 2012 and December 31, 2012 were as follows:

  March 31, 2012 December 31, 2012
Land $ 1,207,000 $ 1,207,000
Buildings and improvements 5,769,719 5,769,719
Rental trucks under capital leases 126,159 126,159
Total 7,102,878 7,102,878
Less accumulated depreciation (5,856,382) (5,839,744)
Property - net $ 1,246,496 $1,263,134

XML 12 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (Unaudited) (USD $)
Mar. 31, 2013
Dec. 31, 2012
ASSETS:    
Cash & Equivalents $ 616,924 $ 616,963
Property Net 1,246,496 1,249,228
Net Rent Receivables 116,194 144,203
Prepaid Advertising 14,459 0
Other Assets 54,950 15,842
Discontinued Operating Asset 9,235 8,291
TOTAL 2,058,259 2,034,527
LIABILITIES:    
Distribution due to Partners 149,956 149,956
Incentive Management Fee Liability 36,171 23,220
Property Management Fee Liability 9,072 7,678
Deferred Income 30,814 22,656
Accrued Expenses 14,695 14,727
Other Liabilities 24,332 19,944
Discontinued Operating Liabilities 2,376 2,545
Total Liabilities 267,416 240,726
PARTNERS' EQUITY:    
General Partners (73,280) (73,249)
Limited Partners 1,864,123 1,867,051
Total Partners' Equity 1,790,843 1,793,801
TOTAL $ 2,058,259 $ 2,034,527
XML 13 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
General
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
General

Registrant, DSI Realty Income Fund VI (the "Partnership") is a publicly-held limited partnership organized under the California Uniform Limited Partnership Act pursuant to a Certificate and Agreement of Limited Partnership (hereinafter referred to as "Agreement") dated March 27, 1981. The General Partners are DSI Properties, Inc., a California corporation, and RJC Capital Management, LLC and JWC Capital Management, LLC.

DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, the Partnership sold twenty-three thousand seven hundred fifty-three (23,753) units of limited partnership interests, aggregating Eleven Million Eight Hundred Seventy-Six Thousand Five Hundred Dollars ($11,876,500). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions), without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future.

The Partnership owns mini-storage facilities located in Vallejo, California; Arvada, Federal Heights and Colorado Springs, Colorado; and two in Santa Rosa, California. All facilities were purchased from Dahn Corporation ("Dahn"). Dahn is not affiliated with the Partnership. Dahn is affiliated with other partnerships in which DSI Properties, Inc. is a general partner (see Note 5).

 

The accompanying unaudited interim financial statements have been prepared by the Partnership's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are considered necessary for a fair presentation of the results for the interim periods presented. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. These unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 2012.


Significant Accounting Policies

The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the three months ended March 31, 2012 and 2011 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of March 31, 2012 and December 31, 2012, accumulated other comprehensive income was $0.

 

ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. The Partnership considers the carrying amount of cash, accounts receivable, other receivables, accounts payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization.

 

Recent Accounting Pronouncements

 

In April 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-07 Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting in order to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition ande measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. The Partnership does not expect the adoption of the standard update to have a material impact on its financial position or results of operations. 

 

In February 2013 the FASB issued ASU 2013-0 Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, in order to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. generally accepted accounting principles (GAAP). The amendments in the Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Partnership does not expect the adoption of the standard update to have a material impact on its financial position or results of operations.

In February 2013, the FASB issued ASU 2013-02 Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, in order to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this Update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to income or expense in the same reporting period. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The Partnership considers the adoption of the standard update will not impact its financial position or results of operations.

 In January 2013, the FASB issued ASU 2013-01 Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, in order to clarify that the scope of Update 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. An entity is required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The Partnership does not expect the adoption of the standard update to have a material impact on its financial position or results of operations

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XML 15 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Subsequent Events

Events subsequent to March 31, 2012, have been evaluated through the date these unaudited interim financial statements were issued to determine whether they should be disclosed to keep the unaudited interim financial statements from being misleading. Management found no subsequent events that should be disclosed.

XML 16 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Income (Unaudited) (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
REVENUES:    
Self-storage rental income $ 411,091 $ 403,572
Ancillary operating revenue 41,922 41,417
Interest and other income 0 44
TOTAL 453,013 445,033
EXPENSES:    
Depreciation 2,731 5,557
Operating 188,243 205,621
General and administrative 73,834 69,825
General partners' incentive management fee 12,951 16,048
Property management fee 29,367 28,200
Total 307,126 325,251
INCOME FROM CONTINUING OPERATIONS 145,887 119,782
Income (loss) from discontinue operations 1,111 63,251
NET INCOME 146,998 183,033
AGGREGATE INCOME ALLOCATED TO:    
General partners 1,470 1,830
Limited partners 145,528 181,203
TOTAL $ 146,998 $ 183,033
Weighted average limited partnership units outstanding 23,753 23,753
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP PER LIMITED PARTNERSHIP UNIT $ 6.13 $ 7.63
XML 17 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property - Summary of Property and Equipment (Details) (USD $)
Mar. 31, 2013
Dec. 31, 2012
Property, net    
Land $ 1,207,000 $ 1,207,000
Buildings and improvements 5,769,719 5,769,719
Rental trucks under capital leases 126,159 126,159
Total 7,102,878 7,102,878
Less accumulated depreciation 5,856,382 5,853,650
Property - net $ 1,246,496 $ 1,249,228
XML 18 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
3 Months Ended
Mar. 31, 2013
Document And Entity Information  
Entity Registrant Name DSI Realty Income Fund VI
Entity Central Index Key 0000318835
Document Type 10-Q
Document Period End Date Jun. 30, 2012
Amendment Flag false
Current Fiscal Year End Date --12-31
Is Entity a Well-known Seasoned Issuer? No
Is Entity a Voluntary Filer? No
Is Entity's Reporting Status Current? Yes
Entity Filer Category Smaller Reporting Company
Entity Public Float $ (11,876,500)
Entity Common Stock, Shares Outstanding 23,753
Document Fiscal Period Focus Q3
Document Fiscal Year Focus 2012
XML 19 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statement of Changes in Partners' Equity (Unaudited) (USD $)
General Partners
Limited Partners
Total
BALANCE, Beginning at Dec. 31, 2012 $ (73,250) $ 1,867,051 $ 1,793,801
Net Income Allocation 1,470 145,528 146,998
Distributions 1,500 148,456  
BALANCE, Ending at Mar. 31, 2013 $ (73,280) $ 1,864,123 $ 1,790,843
XML 20 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
General (Policies)
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Nature of Operations

Registrant, DSI Realty Income Fund VI (the "Partnership") is a publicly-held limited partnership organized under the California Uniform Limited Partnership Act pursuant to a Certificate and Agreement of Limited Partnership (hereinafter referred to as "Agreement") dated March 27, 1981. The General Partners are DSI Properties, Inc., a California corporation, and RJC Capital Management, LLC and JWC Capital Management, LLC.

DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, the Partnership sold twenty-three thousand seven hundred fifty-three (23,753) units of limited partnership interests, aggregating Eleven Million Eight Hundred Seventy-Six Thousand Five Hundred Dollars ($11,876,500). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions), without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future.

The Partnership owns mini-storage facilities located in Vallejo, California; Arvada, Federal Heights and Colorado Springs, Colorado; and two in Santa Rosa, California. All facilities were purchased from Dahn Corporation ("Dahn"). Dahn is not affiliated with the Partnership. Dahn is affiliated with other partnerships in which DSI Properties, Inc. is a general partner (see Note 5).

Comparability to Prior Year Data

The accompanying unaudited interim financial statements have been prepared by the Partnership's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are considered necessary for a fair presentation of the results for the interim periods presented. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. These unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 2012.

Comprehensive Income

The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the three months ended March 31, 2012 and 2011 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of March 31, 2012 and December 31, 2012, accumulated other comprehensive income was $0.

Fair Value Disclosures

ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. The Partnership considers the carrying amount of cash, accounts receivable, other receivables, accounts payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization.

XML 21 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Income Per Limited Partnsership Unit
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Net Income Per Limited Partnsership 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.

 

XML 22 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
General (Details Narrative) (USD $)
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Limited Partnership Units Outstanding (23,753)
Public Float $ (11,876,500)
General Partner Percent Ownership Percentage 1.00%
XML 23 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property (Tables)
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Summary of Property and Equipment
  March 31, 2013 December 31, 2012
Land $ 1,207,000 $ 1,207,000
Buildings and improvements 5,769,719 5,769,719
Rental trucks under capital leases 126,159 126,159
Total 7,102,878 7,102,878
Less accumulated depreciation (5,856,382) (5,839,744)
Property - net $ 1,246,496 $1,263,134
XML 24 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Allocations of Profits and Losses (Details Narrative)
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
General Partner Percentage 1.00%
XML 25 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions (Details Narrative) (USD $)
1 Months Ended 3 Months Ended
Mar. 31, 2013
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Notes to Financial Statements        
Management Fee Percentage   6.00%    
Management Fee   $ 29,367 $ 28,200  
Payable To Dahn 9,072 9,072   7,678
Tax Fee to General Partner $ 3,572 $ 10,716    
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Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income attributable to the Partnership $ 146,998 $ 183,034
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,731 5,557
Income (loss) from discontinue operations 1,111 63,251
Changes in assets and liabilities:    
Other assets (25,559) (6,500)
Incentive management fee payable to General Partners 12,951 12,981
Property management fees payable 1,394 38
Customer deposits and other liabilities 12,513 (12,410)
Net cash provided by operating activities 149,917 119,449
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to property 0 0
Net cash used in investing activities 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Distributions to partners 149,956 209,938
Net cash used in financing activities (149,956) (209,938)
DISCONTINUED OPERATIONS    
Net cash used in operating activities 0 68,410
Net cash used in discontinued operations 0 (68,410)
NET INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS (39) (22,079)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 616,963 630,424
CASH AND CASH EQUIVALENTS AT END OF PERIOD 616,924 608,345
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 0 0
NON CASH INVESTING AND FINANCING ACTIVITIES:    
Distributions due partners included in partners' equity $ 149,956 $ 209,938

XML 28 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Allocations of Profits and Losses
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Allocations of Profits and Losses

Under the Agreement of Limited Partnership, the general partners are to be allocated 1% of the net profits or losses from operations, and the limited partners are to be allocated the balance of the net profits or losses from operations in proportion to their limited partnership interests. The general partners are also entitled to receive a percentage, based on a predetermined formula, of any cash distribution from the sale, other disposition, or refinancing of the project.

In addition, the general partners are entitled to receive an incentive management fee for supervising the operations of the Partnership. The fee is to be paid in an amount equal to 9% per annum of the cash available for distribution on a cumulative basis, calculated as cash generated from operations less capital expenditures.

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