0000844048-12-000024.txt : 20120502 0000844048-12-000024.hdr.sgml : 20120502 20120502122532 ACCESSION NUMBER: 0000844048-12-000024 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120502 DATE AS OF CHANGE: 20120502 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-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 002-68926 FILM NUMBER: 12803710 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-K/A 1 dsi006q411.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

[x] Annual Report Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
For the fiscal year ended December 31, 2011

[ ] 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

Securities registered pursuant to Section 12(b) of the Act:

NONE

Securities registered pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interests


Indicate by check mark if registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes [ ] No [X]

Indicate by check mark whether the registrant (l) 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 Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ]


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]

 

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

ITEM 1. BUSINESS

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 is engaged in the business of investing in and operating mini-storage facilities with the primary objectives of generating, for its partners, cash flow, capital appreciation of its properties, and obtaining federal income tax deductions so that during the early years of operations, all or a portion of such distributable cash may not represent taxable income to its partners. Funds obtained by Registrant during the public offering period of its units were used to acquire mini-storage facilities. Registrant does not intend to sell additional limited partnership units. The term of the Partnership is fifty years, but it is anticipated that the Partnership will sell and/or refinance its properties prior to the termination of the Partnership. The Partnership is intended to be self-liquidating and it is not intended that proceeds from the sale or refinancing of its operating properties will be reinvested. Registrant has no full time employees but shares one or more employees with other limited partnerships sponsored by the General Partners.

The General Partners are vested with authority as to the general management and supervision of the business and affairs of the Partnership. Limited Partners have no right to participate in the management or conduct of such business and affairs. An independent management company has been retained to provide day-to-day management services with respect to all of the Partnership's investment properties.

Please refer to the discussion appearing elsewhere herein under the caption Management's Discussion and Analysis of Financial Condition and Results of Operations for a detailed analysis of the results of operations of the Partnership's properties.

The business in which the Partnership is engaged is highly competitive. Each of its mini-storage facilities is located in or near a major urban area, and accordingly, competes with a significant number of individuals and organizations with respect to both the purchase and sale of its properties and for rentals. Generally, the Partnership's business is not affected by the change in seasons.

ITEM 1A. RISK FACTORS

Not required.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

The Partnership owns a fee interest in the following mini-storage facilities, none of which are subject to long-term indebtedness. The following table sets forth information regarding properties owned by the Partnership and their respective occupancies and revenue per square foot:

 

     
2011
2010
  Parcel   (Average) (Average)
  Size Date Rentable Revenue   Rentable Revenue  
Location (Acres) Opened Sq. Ft. Sq. Ft. Occ % Sq. Ft. Sq. Ft. Occ %
Arvada, CO * 3.75 Dec-82 65,108 9.46 76.9 65,103 9.29 80.0
Colorado Springs, CO 3.50 Oct-83 61,860 6.71 70.1 61,860 7.19 80.2
Federal Heights, CO 2.39 Oct-83 40,554 9.59 81.9 40,524 9.39 82.7
Santa Rosa II & III, CA 3.38 8/81 & 9/83 71,433 6.82 53.1 71,771 6.57 57.6
Vallejo, CA 3.10 Nov-81 55,662 10.16 68.14 55,730 10.23 73.5

* In November 2011, the Partnership received a notice of intent for acquisition of the Partnership’s property in Arvada, CO. If, in fact, the property is sold, the proceeds of the sale would be distributed to limited partners. Neither the timing, nor the certainty of a sale or subsequent distribution can be determined at this early stage.

ITEM 3. LEGAL PROCEEDINGS

The Partnership is not a party to any material pending legal proceedings.

ITEM 4. MINE SAFETY DISCLOSURES

None

 

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

The Partnership is a limited partnership and thus has no common stock.  There is no established trading market for limited partnership interests in the Partnership and it is not anticipated that any such public market will develop. The Limited Partnership Agreement effectively prevents the transfer of Limited Partnership Interests except under very limited circumstances.  In order to transfer a Limited Partnership Interest, a Limited Partner must obtain the consent of the General Partners of the Partnership, which have the absolute right to refuse any request for a transfer. In addition, the proposed transferee must meet all applicable suitability standards and agree to be bound by the Limited Partnership Agreement.

Approximate Number of Security Holders

As of December 31, 2011, there were approximately 785 holders of Limited Partnership Interests.   

Distributions         

Average cash distributions of $9.27 per Limited Partnership Unit were declared and paid each quarter for the year ended December 31, 2011 and $8.95 per Limited Partnership Unit were declared and paid each quarter for the year ended December 31, 2010. It is the Partnership expectation that distributions will continue to be paid in the future.

ITEM 6. SELECTED FINANCIAL DATA

Not Required.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Overview

The Partnership is engaged in the business of investing in and operating mini-storage facilities with the primary objectives of generating, for its partners, cash flow, capital appreciation of its properties, and obtaining federal income tax deductions so that during the early years of operations, all or a portion of such distributable cash may not represent taxable income to its partners. Funds obtained by Registrant during the public offering period of its units were used to acquire mini-storage facilities. Registrant does not intend to sell additional limited partnership units.

Critical Accounting Policies

Revenue recognition - Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues and interest and other income are recognized when earned.


RESULTS OF OPERATIONS

2011 COMPARED TO 2010


Total revenues increased from $2,471,978 in 2010 to $2,473,155 in 2011, while total expenses decreased from $1,591,187 to $1,586,636, resulting in an increase in net income from $880,791 to $886,519. Rental revenues remained stable throughout the year while occupancy decreased slightly. Occupancy levels for the Partnership’s mini-storage facilities averaged 70.0% for the year 2011 as compared to 74.8% for 2010. The $40,704 (3.8%) decrease in operating expenses was due primarily to decreases in advertising, workers compensation insurance and merchandise for resale, partially offset by an increase in repair and maintenance. General and administrative expenses increased approximately $32,764 (12.4%) primarily as a result of higher legal and professional fees, office supplies expenses and administration expense; partially offset by a decrease in bank account maintenance fees and postage. The General Partners’ incentive management fee which is based on cash available for distribution, increased as a result of the higher net cash provided by operating activities.

Operating expenses consist mainly of expenses such as promotional advertising, yellow pages and other forms of advertising, utilities, and maintenance, real estate taxes, salaries and wages and their related expenses. General and administrative expenses consist mainly of expenses such as legal and professional, office supplies, accounting services and computer expenses.


LIQUIDITY AND CAPITAL RESOURCES


Net cash provided by operating activities increased approximately $63,034 (7.3%) in 2011 compared to 2010 primarily due to the increase in net income from continuing operations.

Cash used in investing activities, consists of acquisition of property or capital improvements to the Partnership's mini storage facilities. There were no significant investing activities in either 2010 or 2011. The Partnership currently has no material commitments for capital expenditures.

Cash used in financing activities, as set forth in the statements of cash flows, has consisted solely of cash distributions to partners in 2011 and 2010. Special distributions of 0.25%, of capital contributed by Limited Partners was declared and paid on December 15, 2011. No special distributions were declared in 2010.

 

Current economic conditions continue to negatively impact the self storage industry and our investment portfolio. The ongoing recession, increased government regulation and higher taxes have all had a detrimental affect on the performance of properties. Also, high unemployment rates are affecting people’s discretionary income and their ability to afford storage.

With the continuing crisis in the housing and lending markets, very few new facilities are being built. We anticipate that when the financial markets stabilize and the economy begins to grow again, occupancies and income should rebound quickly.

The General Partners plan to continue to improve and maintain Partnership properties with cash generated from operations. The Partnership anticipates that cash flows generated from operations of the Partnership's rental real estate operations will be sufficient to cover operating expenses and distributions for the next twelve months and beyond.

The General Partners are not aware of any environmental problems which could have a material adverse effect upon the financial position of the Partnership.

LONG-TERM LIABILITIES AND CONTRACTUAL OBLIGATIONS

None.


OFF-BALANCE SHEET ARRANGEMENTS

None.

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Summarized quarterly financial data for the year ended December 31, 2011 was as follows:
 

  2011 Quarter Ended:
  March 31 June 30 September 30 December 31
Total revenues 628,779 587,829 625,510 631,037
Net income 207,033 207,887 238,149 233,450
Net income per limited partnership unit        
$ 8.69 $ 8.73 $ 10.00 $ 9.81
Weighted average number of limited partnership units outstanding        
       
23,753 23,753 23,753 23,753

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Required.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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

INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

FINANCIAL STATEMENTS:

Report of Independent Registered Public Accounting Firm                                                                         F-1

Balance Sheets as of December 31, 2011 and 2010                                                                                F-2

Statements of Income for the Years Ended December 31, 2011 and 2010                                                   F-3

Statements of Changes in Partners' Equity (Deficit) for the Years Ended December 31, 2011 and 2010   F-4

Statements of Cash Flows for the Years Ended December 31, 2011 and 2010                                             F-5

Notes to Financial Statements                                                                                                                 F-6

SUPPLEMENTAL SCHEDULE:

Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2011                                   F-9

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

ITEM 9A. 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, have concluded that, as of the end of such period, the Partnership’s disclosure controls and procedures are effective.  

Management’s Report on Internal Control Over Financial Reporting

The Partnership’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act as a process designed by, or under the supervision of, the principal executive and principal financial officers of the General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, and effected by the Partnership’s management and other personnel 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 and includes those policies and procedures that:

·pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets;
·provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of the Partnership’s management; and
·provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Partnership's management assessed the effectiveness of the Partnership's internal control over financial reporting as of December 31, 2011. In making this assessment, the Partnership's management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework.

Based on their assessment, the Partnership's management concluded that, as of December 31, 2011, the Partnership's internal control over financial reporting was effective.

This annual report does not include an attestation report of the Partnership’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to the attestation by the Partnership’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Partnership to provide only management’s report in this annual report.

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 fourth quarter of 2011 that have materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

None
 

 

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

The Partnership has no directors or executives officers of its own.  The following biographical information is presented for the officers of DSI Properties, Inc., a General Partner of the Partnership, as well as RJC Capital Management, LLC and JWC Capital Management, LLC. The General Partners have principal responsibility for the Partnership’s affairs.

DSI Properties, Inc.

Robert J. Conway, 77, has been President and a member of the Board of Directors of DSI Properties, Inc. since 1973.He has also been President and a member of the Board of Directors of Diversified Securities, Inc., since 1965. Mr. Conway is also a licensed California real estate broker, and received a Bachelor of Science Degree from Marquette University with majors in Corporate Finance and Real Estate.

Joseph W. Stok, 89, has been a member of the Board of Directors of DSI Properties, Inc. since 1994, a Vice President of Diversified Securities, Inc. since 1973, and an Account Executive with Diversified Securities, Inc. since 1967.

Richard P. Conway, 44, was elected to the Board of Directors of DSI Properties, Inc. on September 30th of 2011. At the same time, he was also appointed as Executive Vice President of both DSI Properties, Inc. and Diversified Securities, Inc. He has been Chief Financial Officer of DSI Properties, Inc. since 2009 and an Account Executive with Diversified Securities, Inc. since 1987. 

RJC Capital Management, LLC and JWC Capital Management, LLC.  

The two LLCs (descriptions above) are those of Robert J. Conway and Joseph W. Conway, the initial General Partners of Registrant.

On September 12, 2011, Joseph W. Conway, one of the original founders of DSI Properties, Inc. passed away after more than 40 years of service to the company. His legacy and contributions cannot be overestimated, however, his imprint will continue to serve the companies which he helped to create. He will be fondly remembered and sorely missed by all of us at the DSI family of companies.

Joseph’s son, Thomas J. Conway, is currently the executor of his estate, and the controlling member of JWC Capital Management, LLC.

As the Partnership itself has no directors or executive officers, it has no audit, nominating or other committees.

ITEM 11. EXECUTIVE COMPENSATION

None of the directors or officers of the General Partners received any direct remuneration from the Partnership during the years ended December 31, 2011 or 2010.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth certain information regarding the beneficial ownership of the Partnership's limited partnership units as of December 31, 2011 by (i) each person known to beneficially own more than 5% of the Partnership's limited partnership units, and (ii) each officer of the General Partners of the Partnership.
 


Title of Class		 Name of Beneficial Owner Number of LP Units Beneficially Held (1)
Percent of Class (2)
Limited Partnership Interest Robert J. Conway 1,142 – Direct 4.81
Limited Partnership Interest Richard P. Conway 208 - Direct Less than 1%
Limited Partnership Interest Joseph W. Stok 189 - Direct Less than 1%

(1) Unless otherwise indicated, the address for each listed director or officer is c/o 6700 E. Pacific Coast Hwy. #150, Long Beach, CA 90803. As used in this table, "beneficial ownership" means the sole or shared power to vote or direct the voting or to dispose or direct the disposition of any security.

(2) As of December 31, 2011, no person owned more than 5% of the limited partnership units of record, nor was any person known by the Partnership to beneficially own more than 5% thereof.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The Partnership has no employees and depends on the General Partners and their affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.

Under the Agreement of Limited Partnership, the General Partners are allocated 1% of the net profits or losses from operations of the Partnership. During 2011, an aggregate of $8,865 was allocated to the General Partners, and during 2010 an aggregate of $8,808 was allocated to the General Partners. In addition, under the Limited Partnership Agreement the General Partners are entitled to receive a percentage, of any cash distribution from the sale, other disposition, or refinancing of properties of the Partnership, based on a formula set forth in the Limited Partnership Agreement. As there were no sales or refinancings of Partnership properties during 2011 or 2009, no such fees were paid during these periods.

In addition, the general partners are entitled to receive an incentive management fee for supervising the operations of the Partnership, equal to 9% per annum of the cash available for distribution on a cumulative basis, calculated as cash generated from operations less capital expenditures. During 2011 the Partnership paid the General Partners an incentive management fee of $88,685 and during 2010 the Partnership paid the General Partners an incentive management fee of $87,738.

All of the Partnership’s properties were purchased from Dahn Corporation ("Dahn"). Dahn is not affiliated with the Partnership, but is affiliated with other partnerships in which DSI Properties, Inc. is a general partner The Partnership has entered into management agreements with Dahn to operate its mini-storage facilities. Each agreement provides for a management fee equal to 6% of gross revenue from operations, defined as the entire amount of all receipts from the renting or leasing of storage compartments and sale of locks. The management agreements are renewable annually. During 2011 and 2010 the Partnership paid Dahn management fees of $146,072 and $147,263, respectively. Amounts payable to Dahn at December 31, 2011 and 2010, were $12,720 and $11,620, respectively.

None of the General Partner's directors is “independent” under the independence standards established by the Securities and Exchange Commission, as all directors are employed by a General Partner.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Audit Fees

The aggregate fees for professional services rendered by Cacciamatta Accountancy Corporation for the audit of the Partnership's annual financial statements and for reviews of the financial statements included in the Partnership's Quarterly Reports on Form 10-Q for 2011 were $40,000 and for 2010 were $39,700.

Other Fees

The Partnership did not pay Cacciamatta Accountancy Corporation any Non-Audit Related Fees, Tax Fees, or other fees during 2011 and 2010.

 

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(1) Financial Statements

See Index to Financial Statements and Supplemental Schedule in Item 8.

(2) Financial Statement Schedules

See Index to Financial Statements and Supplemental Schedule in Item 8.

(3) Exhibits

13 Annual Report Letter to Limited Partners
            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

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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: April 16, 2012

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


By: /s/ RICHARD P. CONWAY

Dated: April 16, 2012

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

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the date indicated.


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: April 16, 2012

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


By: /s/ RICHARD P. CONWAY

Dated: April 16, 2012


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

 

ITEM 15(1)

2011 ANNUAL REPORT TO LIMITED PARTNERS OF
DSI REALTY INCOME FUND VI

Financial Statements for its fiscal year ended December 31, 2011

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of DSI Realty Income Fund VI:

We have audited the accompanying balance sheets of DSI Realty Income Fund VI, a California Limited Partnership (the "Partnership") as of December 31, 2011 and 2010 and the related statements of income, changes in partners' equity (deficit), and cash flows for each of the years in the two year period ended December 31, 2011. Our audits also included the supplemental schedule listed in the Index at Item 15(2). These financial statements and the supplemental schedule are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements and supplemental schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control over financial reporting. Accordingly, we express no such opinion.

An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of DSI Realty Income Fund VI at December 31, 2011 and 2010, and the results of its operations and its cash flows for each of the years in the two year period ended December 31, 2011, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the supplemental schedule referred to above, when considered in relation to the basic financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/s/ Cacciamatta Accountancy Corporation
Irvine, California

April 16, 2012

Page F-1

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

BALANCE SHEETS    
AS OF DECEMBER 31 2011 2010
ASSETS    
Cash and cash equivalents $ 667,743 $ 654,699
Property, net 1,577,562 1,573,503
Uncollected rental revenue 159,345 152,386
Prepaid advertising 14,711 18,468
Other assets 19,500 24,577
TOTAL ASSETS $ 2,438,861 $ 2,423,633
     
LIABILITIES AND PARTNERS' EQUITY    
LIABILITIES    
Distribution due to partners (Note 4) $ 209,938 $ 209,938
Incentive management fee liability 16,134 0
Property management fee liability 12,720 11,620
Deferred income 33,703 32,776
Accrued expenses 24,724 31,388
Other liabilities 26,510 19,424
Total liabilities 323,729 305,146
     
PARTNERS' EQUITY (DEFICIT) (Note 4)    
General partners (70,036) (70,002)
Limited partners 2,185,168 2,188,489
Total partners' equity 2,115,132 2,118,487
     
TOTAL LIABILITIES AND PARTNERS’ EQUITY $ 2,438,861 $ 2,423,633

The accompanying notes are an integral part of these Financial Statements

Page F-2

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

 

STATEMENTS OF INCOME    
FOR THE YEARS ENDED DECEMBER 31 2011 2010
REVENUES    
Self-storage rental income $ 2,260,901 $ 2,269,417
Ancillary operating revenue 212,029 202,273
Interest and other income 225 288
Total Revenues $ 2,473,155 $ 2,471,978
     
EXPENSES    
Depreciation 20,172 16,539
Operating 1,034,514 1,075,218
General and administrative 297,193 264,429
General partners' incentive management fee (Note 4) 88,685 87,738
Property management fee (Note 6) 146,072 147,263
Total Expenses 1,586,636 1,591,187
NET INCOME $ 886,519 $ 880,791

 

AGGREGATE NET INCOME ALLOCATED TO (Note 4)  
General partners $ 8,865 $ 8,808
Limited partners 877,654 871,983
TOTAL $ 886,519 $ 880,791
     
Weighted average limited partnership Units outstanding 23,753 23,753
NET INCOME PER LIMITED PARTNERSHIP UNIT (Notes 2 and 4) $ 37.23 $ 36.71

The accompanying notes are an integral part of these Financial Statements

Page F-3

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

 

STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT)
       
  General
Partners		 Limited
Partners
Total
BALANCE DECEMBER 31, 2009 $(70,219) $2,166,971 $2,096,752
Net income allocation 8,808 871,983 880,791
Distributions (8,591) (850,465) (859,056)
BALANCE DECEMBER 31, 2010 $(70,002) $2,188,489 $2,118,487
Net income allocation 8,865 877,654 886,519
Distributions (8,899) (880,975) (889,874)
BALANCE DECEMBER 31, 2011 $(70,036) $2,185,168 $2,115,132

The accompanying notes are an integral part of these Financial Statements

Page F-4

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

STATEMENTS OF CASH FLOWS    
FOR THE YEARS ENDED DECEMBER 31 2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 886,519 $ 880,791
Adjustments to reconcile net income to net cash provided
by operating activities:		    
Depreciation 20,172 16,539
Changes in assets and liabilities:    
Other assets 1,875 (7,031)
Incentive management fee payable to general partners 16,134 (25,852)
Property management fees payable 1,100 (143)
Customer deposits and other liabilities 1,349 (189)
Net cash provided by operating activities 927,149 864,115
     
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property (24,231) (26,720)
Net cash used in investing activities (24,231) (26,720)
     
CASH FLOWS FROM FINANCING ACTIVITIES    
Distributions to partners (889,874) (859,056)
Net cash used in financing activities (889,874) (859,056)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $13,044 $(21,661)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF YEAR 654,699 676,360
CASH AND CASH EQUIVALENTS, AT END OF YEAR $667,743 $654,699
     
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Cash paid for interest $ - $ -
     
NON CASH INVESTING AND FINANCING ACTIVITIES    
Distribution due to partners included in partners' equity $ 209,938 $ 209,938
       

The accompanying notes are an integral part of these Financial Statements

Page F-5

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

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2011

1. GENERAL

DSI Realty Income Fund VI, a California Limited Partnership (the "Partnership"), has three general partners (DSI Properties, Inc., RJC Capital Management, LLC and JWC Capital Management, LLC) and limited partners owning 23,753 limited partnership units, which were purchased for $500 per unit. The general partners have made no capital contributions to the Partnership and are not required to make any capital contributions in the future. The Partnership has a maximum life of 50 years and was formed on March 27, 1981, under the California Uniform Limited Partnership Act for the primary purpose of acquiring and operating real estate.

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 6).

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents - The Partnership classifies its short-term investments purchased with an original maturity of three months or less as cash equivalents.

Uncollected Rental Revenue - The Partnership estimates the collectability of uncollected rental revenue on an ongoing basis by reviewing past-due monthly rents and assessing the current creditworthiness of each tenant.  Allowances are provided based on historical write-offs. Allowances on uncollected rental revenue as of December 31, 2011 and 2010 were $39,836 and $38,097, respectively.

Property and Depreciation - Property is recorded at cost and is composed primarily of mini-storage facilities. Depreciation is provided using the straight-line method over an estimated useful life of 20 years for the facilities. Building improvements are depreciated over a five year period. Property under capital leases is amortized over the lesser of the lives of the respective leases or the estimated useful lives of the assets.

Income Taxes - No provision has been made for income taxes in the accompanying financial statements. The taxable income or loss of the Partnership is allocated to each partner in accordance with the terms of the Agreement of Limited Partnership. Each partner's tax status, in turn, determines the appropriate income tax for its allocated share of the Partnership's taxable income or loss. The net difference between the basis of the Partnership's assets and liabilities for federal income tax purposes and as reported for financial statement purposes for the year ended December 31, 2010 is $16,613. For the year ended December 31, 2011 the Partnership changed the accounting method for federal income tax purposes from cash to accrual basis thereby eliminating the difference in the basis of the Partnership’s assets and liabilities between tax and the GAAP basis financial statements. The change in tax accounting method resulted in an adjustment to the limited partners’ capital account for tax purposes only in order to coincide with the accounting method used to prepare the Partnership’s GAAP basis financial statements.

Revenues - Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues and interest and other income are recognized when earned.

Advertising Expense - Costs related to advertising in Yellow Pages are capitalized and amortized over 12 months. All other advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2011 and 2010 were $186,922 and $240,866 respectively.

Net Income per Limited Partnership Unit - Net income per limited partnership unit is computed by dividing net income allocated to the limited partners by the weighted average number of limited partnership units outstanding during each year.

Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Impairment of Long-Lived Assets - The Partnership regularly reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the asset, the Partnership would recognize an impairment loss to the extent the carrying value exceeded the fair value of the property. No impairment losses were required in 2011 or 2010.

Fair Value of Financial Instruments - For all financial instruments, including cash and cash equivalents, other assets, distributions due to partners, incentive management fee payable to general partners, property management fee payable, and customer deposits and other liabilities, carrying values approximate fair values because of the short maturity of those instruments. The carrying value of the capital lease obligations approximates fair value because the terms of the instrument are similar to terms available to the Partnership for similar types of leasing agreements.

Concentrations of Credit Risk - Financial instruments that potentially subject the Partnership to concentrations of credit risk consist primarily of cash and cash equivalents and uncollected rent revenues. The Partnership places its cash and cash equivalents with high credit quality institutions. Accounts at banks are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At December 31, 2011, the Partnership had $274,400 in excess of insured limits. The Partnership performs ongoing evaluations of these institutions to limit its concentration of risk exposure. Management believes this risk is not significant due to the financial strength of the financial institutions utilized by the Partnership.

Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income, which amends current comprehensive income guidance. This accounting update eliminates the option to present the components of other comprehensive income (loss) as part of the statement of shareholders’ equity. Instead, the Company must report comprehensive income (loss) in either a single continuous statement of comprehensive income (loss) which contains two sections, net income (loss) and other comprehensive income (loss), or in two separate but consecutive statements. This guidance will be effective for fiscal years beginning after December 15, 2011. The Partnership does not expect the adoption of the standard update to impact its financial position or results of operations, as it only requires a change in the format of presentation.

In May 2011, the FASB issued Accounting Standards Update 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The new guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards. While many of the amendments to U.S. GAAP are not expected to have a significant effect on practice, the new guidance changes some fair value measurement principles and disclosure requirements. This new guidance is effective for fiscal years and interim periods beginning after December 15, 2011. The Partnership does not expect the adoption of the standard update to have a significant impact on its financial position or results of operations.

 

Page F-6

3. PROPERTY

The total cost of property and accumulated depreciation is as follows as of December 31:
 

  2011 2010
Land $ 1,512,000 $ 1,512,000
Buildings and improvements 7,619,941 7,595,710
Rental trucks 161,181 161,181
Total 9,293,122 9,268,891
Less accumulated depreciation (7,715,560) (7,695,388)
Property – net $1,577,562 $1,573,503

In November 2011, the Partnership received a notice of intent for acquisition of the Partnership’s property in Arvada, CO. If, in fact, the property is sold, the proceeds of the sale would be distributed to limited partners. Neither the timing, nor the certainty of a sale or subsequent distribution of proceeds can be determined at this early stage.

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. BUSINESS SEGMENT INFORMATION

The following disclosure about segment reporting of the Partnership is made in accordance with the requirements of ASC 280-10 (formerly SFAS No. 131, "Disclosures About Segments of an Enterprise and Related Information") The Partnership operates in a single segment; storage facility operations, under which the Partnership rents its storage facilities to its customers on a need basis and charges rent on a predetermined rate.

Page F-7

6. RELATED-PARTY TRANSACTIONS

The partnership has entered into management agreements with Dahn to operate their mini-storage facility. The management 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 $146,072 and $147,263 for the years ended December 31, 2011 and 2010, respectively. Amounts payable to Dahn at December 31, 2011 and 2010, were $12,720 and $11,620, 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 year ended December 31, 2011 were $21,432.

7. SUBSEQUENT EVENTS

Events subsequent to December 31, 2011 have been evaluated through the date these financial statements were issued, to determine whether they should be disclosed to keep the financial statements from being misleading. Management found no subsequent events that should be disclosed.

Page F-8

ITEM 15(2)

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

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2011

       





Costs Capitalized
Subsequent to Acquisition

 

Gross Amount at Which Carried
December 31, 2011

    
       
 
Initial Cost to Partnership		  





Date of
Construction
 



Acqu. Date		  



Buildings and
Improvements		  



Buildings and
Improvements		  



Accumulated
Depreciation




Description



Land



Land



Total
MINI-U-STORAGE                  
Vallejo, CA 06/81 $258,000 $1,320,789 $ 58,135 $258,000 $ 1,378,924 $1,636,924 $ 1,363,068 11/81
Santa Rosa, CA II
08/81
190,000
865,608
28,231
190,000
893,839
1,083,839
893,230
08/81
Arvada, CO 06/82 305,000 1,759,608 90,613 305,000 1,850,221 2,155,221 1,840,793 12/83
Santa Rosa, CA III
12/82
157,000
715,122
23,323
157,000
738,445
895,445
737,942
10/83
Federal Heights, CO
03/83
260,000
1,013,972
60,569
260,000
1,074,541
1,334,541
1,058,165
10/83
Colorado Springs, CO
04/83
342,000
1,518,487
165,484
342,000
1,683,971
2,025,971
1,661,181
03/84
  $1,512,000 $7,193,586 $ 426,355 $1,512,000 $ 7,619,941 $9,131,941 $ 7,554,379  
                       

Notes:
1. Depreciation expense is computed using the straight-line method over an estimated useful life of 20 years for the buildings.

2. There are no encumbrances.

 

 

Page F-9

EXHIBIT 13

2011 ANNUAL REPORT TO LIMITED PARTNERS OF
DSI REALTY INCOME FUND VI

Dear Limited Partner:

This report contains the Partnership's balance sheets as of December 31, 2011 and 2010, and the related statements of income, changes in partners' equity (deficit) and cash flows for each of the two years ended December 31, 2011 accompanied by a report of Independent Registered Public Accounting firm. The Partnership's properties were each purchased for all cash and funded solely from subscriptions for limited partnership interests without the use of mortgage financing.

Your attention is directed to the section entitled Management's Discussion and Analysis of Financial Condition and Results of Operations for the General Partners' discussion and analysis of the financial statements and operations of the Partnership.

Average occupancy levels and revenue per square foot for each of the Partnership's properties for the years ended December 31, 2011 and 2010 were as follows: 

     
2011
2010
  Parcel   (Average) (Average)
  Size Date Rentable Revenue   Rentable Revenue  
Location (Acres) Opened Sq. Ft. Sq. Ft. Occ % Sq. Ft. Sq. Ft. Occ %
Arvada, CO 3.75 Dec-82 65,108 9.46 76.9 65,103 9.29 80.0
Colorado Springs, CO 3.50 Oct-83 61,860 6.71 70.1 61,860 7.19 80.2
Federal Heights, CO 2.39 Oct-83 40,554 9.59 81.9 40,524 9.39 82.7
Santa Rosa II & III, CA 3.38 8/81 & 9/83 71,433 6.82 53.1 71,771 6.57 57.6
Vallejo, CA 3.10 Nov-81 55,662 10.16 68.14 55,730 10.23 73.5


We will keep you informed of the activities of your Fund as they develop. If you have any questions, please contact us at your convenience at (562) 493-3022. If you would like a copy of the Partnership's Annual Report on Form 10-K for the year ended December 31, 2011, which was filed with the Securities and Exchange Commission (which report includes the enclosed Financial Statements), we will forward a copy of the report to you upon written request.

/s/ ROBERT J. CONWAY
_______________________________
Robert J. Conway
President of DSI Properties, Inc., General Partner
(Chief Executive Officer)

 

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

I, Robert J. Conway, certify that:

1. I have reviewed this annual report on Form 10-K 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) 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;

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.

Date: April 16, 2012

/s/ ROBERT J. CONWAY
_______________________________

Robert J. Conway
President of DSI Properties, Inc., General Partner (Chief Executive Officer)

 

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

I, Richard P. Conway, certify that:

1. I have reviewed this annual report on Form 10-K 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) 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;

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.

Date: April 16, 2012

/s/ RICHARD P. CONWAY
__________________________________

Richard P. Conway
Executive Vice President of DSI Properties, Inc., General Partner (Chief Financial Officer)

 

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 Annual Report of DSI Realty Income Fund VI (the "Partnership") on Form 10-K for the period ending December 31, 2011 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)

April 16, 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 Annual Report of DSI Realty Income Fund VI (the "Partnership") on Form 10-K for the period ending December 31, 2011 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)

April 16, 2012

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The Partnership has a maximum life of 50 years and was formed on March 27, 1981, under the California Uniform Limited Partnership Act for the primary purpose of acquiring and operating real estate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">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 ($11,876,500). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions), without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0"><font style="color: windowtext">The Partnership owns mini-storage facilities</font> located in Vallejo, California; Arvada, Federal Heights and Colorado Springs, Colorado; and two in Santa Rosa, California. All facilities were purchased from Dahn Corporation (&#34;Dahn&#34;). Dahn is not affiliated with the Partnership. Dahn is affiliated with other partnerships in which DSI Properties, Inc. is a general partner (see Note 6).</p> <p style="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0"></p> <p style="margin: 0pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">The total cost of property and accumulated depreciation is as follows as of December 31:<br /> &#160;</p> <table align="center" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td> <td style="width: 22%; padding-right: 5.4pt; padding-left: 0.05in; font-weight: bold; text-decoration: underline; text-align: right">2011</td> <td style="width: 22%; padding-right: 5.4pt; padding-left: 0.05in; font-weight: bold; text-decoration: underline; text-align: right">2010</td></tr> <tr style="vertical-align: top; background-color: #CCFFCC"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Land</td> <td style="padding-right: 5.4pt; padding-left: 0.05in; text-align: right">$ 1,512,000</td> <td style="padding-right: 5.4pt; padding-left: 0.05in; text-align: right">$ 1,512,000</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Buildings and improvements</td> <td style="padding-right: 5.4pt; padding-left: 0.05in; text-align: right">7,619,941</td> <td style="padding-right: 5.4pt; padding-left: 0.05in; text-align: right">7,595,710</td></tr> <tr style="vertical-align: top; background-color: #CCFFCC"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Rental trucks</td> <td style="padding-right: 5.4pt; padding-left: 0.05in; text-decoration: underline; text-align: right">161,181</td> <td style="padding-right: 5.4pt; padding-left: 0.05in; text-decoration: underline; text-align: right">161,181</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td style="padding-right: 5.4pt; padding-left: 0.05in; font-weight: bold; text-decoration: underline; text-align: right">9,293,122</td> <td style="padding-right: 5.4pt; padding-left: 0.05in; font-weight: bold; text-decoration: underline; text-align: right">9,268,891</td></tr> <tr style="vertical-align: top; background-color: #CCFFCC"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Less accumulated depreciation</td> <td style="padding-right: 5.4pt; padding-left: 0.05in; text-decoration: underline; text-align: right">(7,715,560)</td> <td style="padding-right: 5.4pt; padding-left: 0.05in; text-decoration: underline; text-align: right">(7,695,388)</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Property &#150; net</td> <td style="padding-right: 5.4pt; padding-left: 0.05in; font-weight: bold; text-decoration: underline; text-align: right">$1,577,562</td> <td style="padding-right: 5.4pt; padding-left: 0.05in; font-weight: bold; text-decoration: underline; text-align: right">$1,573,503</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">In November 2011, the Partnership received a notice of intent for acquisition of the Partnership&#146;s property in Arvada, CO. If, in fact, the property is sold, the proceeds of the sale would be distributed to limited partners. Neither the timing, nor the certainty of a sale or subsequent distribution of proceeds can be determined at this early stage.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">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. 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Management found no subsequent events that should be disclosed.<br style="mso-special-character: line-break" /> <br style="mso-special-character: line-break" /> </p> DSI Realty Income Fund VI 0000318835 10-K 2011-12-31 false --12-31 No No Yes Smaller Reporting Company FY 2011 23753 0 <p style="margin: 0pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">Cash and Cash Equivalents - The Partnership classifies its short-term investments purchased with an original maturity of three months or less as cash equivalents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">Uncollected Rental Revenue - The Partnership estimates the collectability of uncollected rental revenue on an ongoing basis by reviewing past-due monthly rents and assessing the current creditworthiness of each tenant.&#160;&#160;Allowances are provided based on historical write-offs. 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padding-left: 5.75pt; text-align: right"><br />260,000</td> <td style="padding-right: 5.4pt; padding-left: 2.15pt; text-align: right"><br />1,013,972</td> <td style="padding-right: 5.4pt; padding-left: 12.25pt; text-align: right"><br />60,569</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><br />260,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><br />1,074,541</td> <td style="padding-right: 5.4pt; padding-left: 0.7pt; text-align: right"><br />1,334,541</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><br />1,058,165</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><br />10/83</td></tr> <tr style="vertical-align: top; background-color: #CCFFCC"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Colorado Springs, CO</td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><br />04/83</td> <td colspan="2" style="padding-right: 5.4pt; 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margin: 13.7pt 0 0">Notes:<br /> 1. Depreciation expense is computed using the straight-line method over an estimated useful life of 20 years for the buildings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">2. 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Allocation of Profits and Losses
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Allocation 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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Property
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Property

 

The total cost of property and accumulated depreciation is as follows as of December 31:
 

  2011 2010
Land $ 1,512,000 $ 1,512,000
Buildings and improvements 7,619,941 7,595,710
Rental trucks 161,181 161,181
Total 9,293,122 9,268,891
Less accumulated depreciation (7,715,560) (7,695,388)
Property – net $1,577,562 $1,573,503

In November 2011, the Partnership received a notice of intent for acquisition of the Partnership’s property in Arvada, CO. If, in fact, the property is sold, the proceeds of the sale would be distributed to limited partners. Neither the timing, nor the certainty of a sale or subsequent distribution of proceeds can be determined at this early stage.
XML 13 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
ASSETS:    
Cash & Equivalents $ 667,743 $ 654,699
Property Net 1,577,562 1,573,503
Net Rent Receivables 159,345 152,386
Prepaid Advertising 14,711 18,468
Other Assets 19,500 24,577
TOTAL 2,438,861 2,423,633
LIABILITIES:    
Distribution due to Partners 209,938 209,938
Incentive Management Fee Liability 16,134   
Property Management Fee Liability 12,720 11,620
Deferred Income 33,703 32,776
Accrued Expenses 24,724 31,388
Other Liabilities 26,510 19,424
Total Liabilities 323,729 305,146
PARTNERS' EQUITY:    
General Partners (70,036) (70,002)
Limited Partners 2,185,168 2,188,489
Total Partners' Equity 2,115,132 2,118,487
TOTAL $ 2,438,861 $ 2,423,633
XML 14 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
General
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
General

DSI Realty Income Fund VI, a California Limited Partnership (the "Partnership"), has three general partners (DSI Properties, Inc., RJC Capital Management, LLC and JWC Capital Management, LLC) and limited partners owning 23,753 limited partnership units, which were purchased for $500 per unit. The general partners have made no capital contributions to the Partnership and are not required to make any capital contributions in the future. The Partnership has a maximum life of 50 years and was formed on March 27, 1981, under the California Uniform Limited Partnership Act for the primary purpose of acquiring and operating real estate.

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 6).
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Summary of Sig
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Summary of Sig

 

Cash and Cash Equivalents - The Partnership classifies its short-term investments purchased with an original maturity of three months or less as cash equivalents.

Uncollected Rental Revenue - The Partnership estimates the collectability of uncollected rental revenue on an ongoing basis by reviewing past-due monthly rents and assessing the current creditworthiness of each tenant.  Allowances are provided based on historical write-offs. Allowances on uncollected rental revenue as of December 31, 2011 and 2010 were $39,836 and $38,097, respectively.

Property and Depreciation - Property is recorded at cost and is composed primarily of mini-storage facilities. Depreciation is provided using the straight-line method over an estimated useful life of 20 years for the facilities. Building improvements are depreciated over a five year period. Property under capital leases is amortized over the lesser of the lives of the respective leases or the estimated useful lives of the assets.

Income Taxes - No provision has been made for income taxes in the accompanying financial statements. The taxable income or loss of the Partnership is allocated to each partner in accordance with the terms of the Agreement of Limited Partnership. Each partner's tax status, in turn, determines the appropriate income tax for its allocated share of the Partnership's taxable income or loss. The net difference between the basis of the Partnership's assets and liabilities for federal income tax purposes and as reported for financial statement purposes for the year ended December 31, 2010 is $16,613. For the year ended December 31, 2011 the Partnership changed the accounting method for federal income tax purposes from cash to accrual basis thereby eliminating the difference in the basis of the Partnership’s assets and liabilities between tax and the GAAP basis financial statements. The change in tax accounting method resulted in an adjustment to the limited partners’ capital account for tax purposes only in order to coincide with the accounting method used to prepare the Partnership’s GAAP basis financial statements.

Revenues - Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues and interest and other income are recognized when earned.

Advertising Expense - Costs related to advertising in Yellow Pages are capitalized and amortized over 12 months. All other advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2011 and 2010 were $186,922 and $240,866 respectively.

Net Income per Limited Partnership Unit - Net income per limited partnership unit is computed by dividing net income allocated to the limited partners by the weighted average number of limited partnership units outstanding during each year.

Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Impairment of Long-Lived Assets - The Partnership regularly reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the asset, the Partnership would recognize an impairment loss to the extent the carrying value exceeded the fair value of the property. No impairment losses were required in 2011 or 2010.

Fair Value of Financial Instruments - For all financial instruments, including cash and cash equivalents, other assets, distributions due to partners, incentive management fee payable to general partners, property management fee payable, and customer deposits and other liabilities, carrying values approximate fair values because of the short maturity of those instruments. The carrying value of the capital lease obligations approximates fair value because the terms of the instrument are similar to terms available to the Partnership for similar types of leasing agreements.

Concentrations of Credit Risk - Financial instruments that potentially subject the Partnership to concentrations of credit risk consist primarily of cash and cash equivalents and uncollected rent revenues. The Partnership places its cash and cash equivalents with high credit quality institutions. Accounts at banks are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At December 31, 2011, the Partnership had $274,400 in excess of insured limits. The Partnership performs ongoing evaluations of these institutions to limit its concentration of risk exposure. Management believes this risk is not significant due to the financial strength of the financial institutions utilized by the Partnership.

Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income, which amends current comprehensive income guidance. This accounting update eliminates the option to present the components of other comprehensive income (loss) as part of the statement of shareholders’ equity. Instead, the Company must report comprehensive income (loss) in either a single continuous statement of comprehensive income (loss) which contains two sections, net income (loss) and other comprehensive income (loss), or in two separate but consecutive statements. This guidance will be effective for fiscal years beginning after December 15, 2011. The Partnership does not expect the adoption of the standard update to impact its financial position or results of operations, as it only requires a change in the format of presentation.

In May 2011, the FASB issued Accounting Standards Update 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The new guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards. While many of the amendments to U.S. GAAP are not expected to have a significant effect on practice, the new guidance changes some fair value measurement principles and disclosure requirements. This new guidance is effective for fiscal years and interim periods beginning after December 15, 2011. The Partnership does not expect the adoption of the standard update to have a significant impact on its financial position or results of operations.
XML 17 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Income (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
REVENUES:    
Self-storage rental income $ 2,260,901 $ 2,269,417
Ancillary operating revenue 212,029 202,273
Interest and other income 225 288
TOTAL 2,473,155 2,471,978
EXPENSES:    
Depreciation 20,172 16,539
Operating 1,034,514 1,075,218
General and administrative 297,193 264,429
General partners' incentive management fee 88,685 87,738
Property management fee 146,072 147,263
Total 1,586,636 1,591,187
NET INCOME 886,519 880,791
AGGREGATE INCOME ALLOCATED TO:    
General partners 8,865 8,808
Limited partners 877,654 871,983
TOTAL 886,519 880,791
Weighted average limited partnership units outstanding 23,753 23,753
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP PER LIMITED PARTNERSHIP UNIT $ 37.23 $ 36.71
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Document and Entity Information (USD $)
 12 Months Ended
Dec. 31, 2011
Document And Entity Information  
Entity Registrant Name DSI Realty Income Fund VI
Entity Central Index Key 0000318835
Document Type 10-K
Document Period End Date Dec. 31, 2011
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 $ 0
Entity Common Stock, Shares Outstanding 23,753
Document Fiscal Period Focus FY
Document Fiscal Year Focus 2011
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Statements of Partners' Equity (Deficit) (USD $)
General Partners
Limited Partners
Total
Beginning Balance at Dec. 31, 2009 $ (70,219) $ 2,166,971 $ 2,096,752
Net Income Allocation 8,808 871,983 880,791
Distributions 8,591 850,465 859,056
Ending Balance at Dec. 31, 2010 (70,002) 2,188,489 2,118,487
Net Income Allocation 8,865 877,654 886,519
Distributions 8,899 880,975 889,874
Ending Balance at Dec. 31, 2011 $ 70,036 $ 2,185,168 $ 2,115,132
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Schedule III
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Shedule III

 

REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2011

       





Costs Capitalized
Subsequent to Acquisition

 

Gross Amount at Which Carried
December 31, 2011

    
       
 
Initial Cost to Partnership		  





Date of
Construction
 



Acqu. Date		  



Buildings and
Improvements		  



Buildings and
Improvements		  



Accumulated
Depreciation




Description



Land



Land



Total
MINI-U-STORAGE                  
Vallejo, CA 06/81 $258,000 $1,320,789 $ 58,135 $258,000 $ 1,378,924 $1,636,924 $ 1,363,068 11/81
Santa Rosa, CA II
08/81
190,000
865,608
28,231
190,000
893,839
1,083,839
893,230
08/81
Arvada, CO 06/82 305,000 1,759,608 90,613 305,000 1,850,221 2,155,221 1,840,793 12/83
Santa Rosa, CA III
12/82
157,000
715,122
23,323
157,000
738,445
895,445
737,942
10/83
Federal Heights, CO
03/83
260,000
1,013,972
60,569
260,000
1,074,541
1,334,541
1,058,165
10/83
Colorado Springs, CO
04/83
342,000
1,518,487
165,484
342,000
1,683,971
2,025,971
1,661,181
03/84
  $1,512,000 $7,193,586 $ 426,355 $1,512,000 $ 7,619,941 $9,131,941 $ 7,554,379  
                       

Notes:
1. Depreciation expense is computed using the straight-line method over an estimated useful life of 20 years for the buildings.

2. There are no encumbrances.
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Related Party Transactions
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Related Party Transactions

 

The partnership has entered into management agreements with Dahn to operate their mini-storage facility. The management 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 $146,072 and $147,263 for the years ended December 31, 2011 and 2010, respectively. Amounts payable to Dahn at December 31, 2011 and 2010, were $12,720 and $11,620, 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 year ended December 31, 2011 were $21,432.
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Subsequent Events
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Subsequent Events

 Events subsequent to December 31, 2011 have been evaluated through the date these financial statements were issued, to determine whether they should be disclosed to keep the financial statements from being misleading. Management found no subsequent events that should be disclosed.
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Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income attributable to the Partnership $ 886,519 $ 880,791
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 20,172 16,539
Changes in assets and liabilities:    
Other assets 1,875 (7,031)
Incentive management fee payable to General Partners 16,134 (25,852)
Property management fees payable 1,100 (143)
Customer deposits and other liabilities 1,349 (189)
Net cash provided by operating activities 927,149 864,115
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to property (24,231) (26,720)
Net cash used in investing activities (24,231) (26,720)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Distributions to partners (889,874) (859,056)
Net cash used in financing activities (889,874) (859,056)
NET DECREASE IN CASH AND CASH EQUIVALENTS 13,044 (21,661)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 654,699 676,360
CASH AND CASH EQUIVALENTS AT END OF PERIOD 667,743 654,699
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 209,938 209,938
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Bus Seg
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Bus Seg

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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