-----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, PcDRy01Tp4nu+Ex89PYEac8Me/rvgeKDWSOBHcIFUdD1TWLnwtN5ziVQi+qC30G/ Nl/JEnrKr+ia3tNIIFQTEQ== 0000764586-97-000003.txt : 19970814 0000764586-97-000003.hdr.sgml : 19970814 ACCESSION NUMBER: 0000764586-97-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970813 SROS: NASD 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: 97657550 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 June 30, 1997. /___/ 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.) 3701 Long Beach Boulevard, Long Beach, California 90807 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code-(562)595-7711 _________________________________________________________________ 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 June 30, 1997 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 June 30, 1997. 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 June 30, 1997. (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: July 31, 1997 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: July 31, 1997 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 July 31, 1997 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 June 30, 1997. 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 June 30, 1997, and 1996, total revenues increased 0.8% from $626,049 to $630,789 and total expenses increased 13% from $354,950 to $400,985. As a result, net income decreased 15.3% from from $271,399 for the three month period ended June 30, 1996, to $229,804 for the same period in 1997. The revenue increase can be primarily attributed to an increase in rental income as a result of higher unit rental rates. Operating expenses increased approximately $29,000 (9.4%) primarily due to increases in yellow pages advertising costs, maintenance and repair expenses and salaries and wages. General and admministrative expenses increased approximately $17,100 (36.2%) primarily as a result of an increase in Colorado State Taxes which were levied for the first time, partially offset by a decrease in incentive management fees. Incentive management fees which are based on cash available for distribution, decreased as a result of the decrease in net income. Occupancy levels for the Partnership's six mini- storage facilities averaged 85.8% for the three month period ended June 30, 1997, compared to 85.1% for the same period in 1996. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. For the six month periods ended June 30, 1997, and 1996, total revenues decreased 0.3% from $1,251,097 to $1,247,285 and total expenses increased 8.7% from $725,847 to $789,107. As a result, net income decreased 12.8% from $525,250 for the six months ended June 30, 1996, to $458,178 for the same period in 1997. The reason for the decrease in revenues can be primarily attributed to a decrease in late fees, partially offset by an increase in rental income as a result of higher unit rental rates. Operating expenses increased approximately $50,500 (8.4%) primarily due to the same reasons as discussed above. General and adminstrative expenses increased approximately $12,800 (10.4%) primarily due to the same reasons as discussed above. 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 EX-20 3 DSI REALTY INCOME FUND VI (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED), JUNE 30, 1997 AND DECEMBER 31, 1996
June 30, December 31, 1997 1996 ASSETS CASH AND CASH EQUIVALENTS $ 612,676 $ 560,121 PROPERTY 4,095,770 4,305,379 OTHER ASSETS 101,069 38,342 TOTAL $4,809,515 $4,903,842 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $364,277 $376,941 PARTNERS' EQUITY: General Partners (48,834) (48,017) Limited Partners 4,494,071 4,574,918 Total partners' equity 4,445,238 4,526,901 TOTAL $4,809,515 $4,903,842 See accompanying notes to financial statements (unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996 June 30, June 30, 1997 1996 REVENUES: Rental Income $627,006 $621,173 Interest 3,783 4,876 Total revenue 630,789 626,049 EXPENSES: Operating Expenses 336,810 307,844 General and Administrative 64,175 47,106 Total expenses 400,985 354,950 NET INCOME $229,804 $271,099 AGGREGATE NET INCOME ALLOCATED TO : Limited partners $227,506 $268,388 General partners 2,298 2,711 TOTAL $229,804 $271,099 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 9.58 $11.30 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, 1997 AND 1996 June 30, June 30, 1997 1996 REVENUES: Rental Income $1,240,247 $1,243,397 Interest 7,038 7,700 Total revenues 1,247,285 1,251,097 EXPENSES: Operating Expenses 653,411 602,953 General and administrative 135,696 122,894 Total expenses 789,107 725,847 NET INCOME $458,178 $525,250 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $453,596 $519,998 General Partners 4,581 5,253 TOTAL $458,178 $525,250 NET INCOME PER LIMITED PARTNERSHIP UNIT $19.10 $21.89 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 THREE MONTHS ENDED JUNE 30, 1997 AND 1996
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1995 ($44,075) $4,965,085 $4,921,010 NET INCOME 5,253 519,998 525,250 DISTRIBUTIONS (5,398) (534,443) (539,841) EQUITY AT JUNE 30, 1996 ($44,221) $4,950,640 $4,906,419 EQUITY AT DECEMBER 31, 1996 ($48,017) $4,574,918 $4,526,901 NET INCOME 4,581 453,596 458,178 DISTRIBUTIONS (5,398) (534,443) (539,841) EQUITY AT JUNE 30, 1997 ($48,834) $4,494,071 $4,445,238 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30, 1997 1996 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 458,178 $ 525,250 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 209,610 207,396 Changes in assets and liabilities: Increase in other assets (62,727) (80,850) (Decrease) Increase in liabilities (12,665) 2,638 Net cash provided by operating activities 592,396 654,434 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (539,841) (539,841) NET INCREASE IN CASH AND CASH EQUIVALENTS 52,555 114,593 CASH AND CASH EQUIVALENTS: At beginning of period 560,121 506,933 At end of period $ 612,676 $ 621,526 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, 1997, and for the periods ended June 30, 1997 and 1996, 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, 1997, is as follows: Land $ 1,759,000 Buildings 8,364,514 Furniture and Equipment 35,185 Total 10,158,699 Less: Accumulated Depreciation ( 6,062,929) Property - Net $ 4,095,770
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-31-1997 DEC-31-1997 JUN-30-1997 DEC-31-1997 612676 0 0 0 0 0 0 0 0 0 0 0 10158699 0 6062929 0 4095770 0 0 0 0 0 0 0 0 0 0 0 0 0 4809515 0 1240247 0 1247285 0 0 0 0 0 0 0 0 0 0 0 458178 0 0 0 458178 0 0 0 0 0 0 0 458178 0 0 0 0 0
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