-----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, SkduOuelFeaiwtfjaj5KlPuTVv8KAQUpZGEBUACXt3GIkk/+Z6E2S5SCQSwCDzoZ gUbqtlUNb/3KoCdir+47zw== 0000719581-99-000002.txt : 19990517 0000719581-99-000002.hdr.sgml : 19990517 ACCESSION NUMBER: 0000719581-99-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990514 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: 99623825 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, 1999. /___/ 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, 1999 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, 1999. 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, 1999. (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 30, 1999 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 30, 1999 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 30, 1999 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, 1999. 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, 1999 and 1998, total revenues increased 6.7% from $657,089 to $700,968 and total expenses increased 6.5% from $385,171 to $410,361. As a result, net income increased 6.9% from $271,918 for the three month period ended March 31, 1998, to $290,607 for the same period in 1999. The revenue increase can be attributed to an increase in rental income as a result of higher unit rental rates. Occupancy levels for the Partnership's isx mini-storage facilities averaged 82.7% for the three month period ended March 31, 1999, compared to 85.1% for the same period in 1998. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses increased approximately $24,500 (7.9%) primarily due to increases in maintenance and repair, real estate tax, security 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 remained relatively constant. 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, 1999 AND DECEMBER 31, 1998
March 31, December 31, 1999 1998 ASSETS CASH AND CASH EQUIVALENTS $ 662,800 $ 546,110 PROPERTY,NET 3,427,584 3,513,086 OTHER ASSETS 54,810 54,810 TOTAL $4,145,194 $4,114,006 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $375,282 $364,781 PARTNERS' EQUITY (DEFICIT): General Partners (55,587) (55,794) Limited Partners 3,825,499 3,805,019 Total partners' equity 3,769,912 3,749,225 TOTAL $4,145,194 $4,114,006 See accompanying notes to financial statements (unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED March 31, 1999 AND 1998 March 31, March 31, 1999 1998 REVENUES: Rental Income $698,590 $654,103 Interest 2,378 2,986 Total revenue 700,968 657,089 EXPENSES: Operating 334,156 309,679 General and administrative 76,205 75,492 Total expenses 410,361 385,171 NET INCOME $290,607 $271,918 AGGREGATE NET INCOME ALLOCATED TO : Limited partners $287,701 $269,199 General partners 2,906 2,719 TOTAL $290,607 $271,918 NET INCOME PER LIMITED PARTNERSHIP UNIT $12.11 $11.33 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 (DEFICIT)(UNAUDITED) FOR THE THREE MONTHS ENDED March 31, 1999 AND 1998
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE, JANUARY 1, 1998 ($52,270) $4,153,818 $4,101,548 NET INCOME 2,719 269,199 271,918 DISTRIBUTIONS (2,699) (267,221) (269,920) BALANCE, MARCH 31, 1998 ($52,250) $4,155,796 $4,103,546 BALANCE, 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, MARCH 31, 1999 ($55,587) $3,825,499 $3,769,912 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
March 31, March 31, 1999 1998 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 290,607 $ 271,918 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 104,805 104,806 Changes in assets and liabilities: Increase in other assets 0 (9,291) Increase(decrease) in liabilities 10,501 (27,635) Net cash provided by operating activities 405,913 339,798 CASH FLOWS FROM INVESTING ACTIVITIES- Additions to property (19,303) CASH FLOWS FROM FINANCING ACTIVITIES- Distributions to partners (269,920) (269,920) NET INCREASE IN CASH AND CASH EQUIVALENTS 116,690 69,878 CASH AND CASH EQUIVALENTS: At beginning of period 546,110 529,808 At end of period $ 662,800 $ 599,686 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, 1999, and for the periods ended March 31, 1999 and 1998, 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, 1999, is as follows: Land $ 1,759,000 Buildings 8,429,963 Furniture and Equipment 35,185 Total 10,224,148 Less: Accumulated Depreciation ( 6,796,564) Property - Net $ 3,427,584
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-31-1999 DEC-31-1999 MAR-31-1999 DEC-31-1999 662800 0 0 0 0 0 0 0 0 0 0 0 10224148 0 6796564 0 4145194 0 0 0 0 0 0 0 0 0 0 0 0 0 4145194 0 698590 0 700968 0 0 0 0 0 0 0 0 0 0 0 290607 0 0 0 290607 0 0 0 0 0 0 0 290607 0 0 0 0 0
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