SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
/_x_/ Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934.
For the quarterly period ended September 30, 1996
/___/ 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-(310)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 September 30, 1996, which is attached hereto as Exhibit "20"
and incorporated herein by this reference.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
Registrant incorporates by this reference its Quarterly Report
to Limited Partners for the period ended September 30, 1996.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8K.
(a) Attached hereto as Exhibit "20" is Registrant's Quarterly
Report to Limited Partners for the period ended
September 30, 1996.
(B) Registrant did not file any reports on Form 8-K for the
period reported upon.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: October 31, 1996 DSI REALTY INCOME FUND VI
A California Limited Partnership
(Registrant)
By__/s/ Robert J. Conway______
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial
Officer
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: October 31, 1996 DSI REALTY INCOME FUND VI
A California Limited Partnership
(Registrant)
By___/s/ Robert J. Conway_____
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial
Officer
October 31, 1996
QUARTERLY REPORT TO THE LIMITED PARTNERS
OF DSI REALTY INCOME FUND VI
DEAR LIMITED PARTNERS:
We are pleased to enclose the Partnership's unaudited financial statements for
the period ended September 30, 1996. The following is Management's discussion
and analysis of the Partnership's financial condition and results of its
operations.
For the three month periods ended September 30, 1996 and 1995, total revenues
increased 1.4% from $647,700 to $656,747 and total expenses decreased 1.1%
from $351,841 to $348,105. As a result, net income increased 4.3% from
$295,859 for the three month period ended September 30, 1995, to $308,642 for
the same period in 1996. The revenue increase can be primarily attributed to
an increase in rental income as a result of higher unit rental rates.
Occupancy levels for the Partnership's six mini-storage facilities averaged
85.1% for the three month period ended September 30, 1996, compared to 86.1%
for the same period in 1995. The Partnership is continuing its marketing
efforts to attract and keep new tenants in its various mini-storage
facilities. Operating expenses decreased approximately $4,000 (1.3%) primarily
due to decreases in maintenance and repair expenses partially offset by
increases in real estate tax expense and salaries and wages. General and
administrative expenses remained constant during the three month periods
ended September 30, 1996 and 1995.
For the nine month periods ended September 30, 1996, and 1995, total revenues
increased 1.4% from $1,882,111 to $1,907,844 and total expenses increased
1.4% from $1,059,108 to $1,073,952. As a result, net income increased 1.3% from
$823,003 for the nine months ended September 30, 1995, to $833,892 for the same
period in 1996. The reason for the increase in revenues is the same as
discussed above for the three month period. Operating expenses increased
approximately $11,700 (1.3%) primarily due to an increase in real estate tax
expense and salaries and wages partially offset by a decrease in maintenance
and repair expense. General and administrative increased approximately
$3,100 (1.9%) primarily as a result of relatively insignificant fluctuations
in various expense accounts.
The General Partners plan to continue their policy of funding improvements
and maintenance of Partnership properties with cash generated from operations.
The Partnership's resources appear to be adequate to meet its needs. The
General Partners anticipate distributions to the Limited Partners to remain
at the current level for the foreseeable future.
We are not enclosing a copy of the Partnership Form 10-Q as filed with the
Securities and Exchange Commission since all the information set forth
therein is contained either in this letter or in the attached financial
statements. However, if you wish to receive a copy of said report, please
send a written request to DSI Realty Income Fund VI, P.O. Box 357, Long
Beach, California 90801.
Very truly yours,
DSI Realty Income Fund VI
By: DSI Properties, Inc., as
General Partner
By___\s\ Robert J. Conway_______
ROBERT J. CONWAY, President
DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
<TABLE>
<CAPTION>
September 30, December 31,
1996 1995
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 804,550 $ 506,933
PROPERTY 4,428,779 4,739,872
OTHER ASSETS 77,595 38,342
TOTAL $5,310,924 $5,285,147
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $365,782 $364,137
PARTNERS' EQUITY:
General Partners (43,834) (44,075)
Limited Partners 4,988,975 4,965,085
Total partners' equity 4,945,142 4,921,010
TOTAL $5,310,924 $5,285,147
See accompanying notes to financial statements (unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
<TABLE>
<CAPTION>
September 30, September 30,
1996 1995
<S> <C> <C>
REVENUES:
Rental Income $651,542 $643,148
Interest 5,205 4,552
Total revenue 656,747 647,700
EXPENSES:
Operating Expenses 299,996 303,960
General and administrative 48,109 47,881
Total expenses 348,105 351,841
NET INCOME $308,642 $295,859
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $305,556 $292,900
General partners 3,086 2,959
TOTAL $308,642 $295,859
NET INCOME PER
LIMITED PARTNERSHIP UNIT $12.86 $12.33
LIMITED PARTNERSHIP
UNITS USED IN PER
UNIT CALCULATION 23,753 23,753
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
<TABLE>
<CAPTION>
September 30, September 30,
1996 1995
<S> <C> <C>
REVENUES:
Rental Income $1,894,939 $1,871,663
Interest 12,905 10,448
Total Revenues 1,907,844 1,882,111
EXPENSES:
Operating Expenses 902,949 891,216
General and administrative 171,003 167,892
Total expenses 1,073,952 1,059,108
NET INCOME 833,892 823,003
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 825,553 814,773
General Partners 8,338 8,230
TOTAL 833,892 823,003
NET INCOME PER LIMITED
PARTNERSHIP UNIT 34.76 34.30
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 23,753 23,753
See accompanying notes to financial statements (unaudited).
</TABLE>
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
EQUITY AT DECEMBER 31, 1994 ($41,352) $5,234,694 $5,193,342
NET INCOME 8,230 814,773 823,003
DISTRIBUTIONS (8,097) (801,663) (809,760)
EQUITY AT SEPTEMBER 30, 1995 ($41,219) $5,247,804 $5,206,585
EQUITY AT DECEMBER 31, 1995 ($44,075) $4,965,085 $4,921,010
NET INCOME 8,338 825,553 833,892
DISTRIBUTIONS (8,097) (801,663) (809,760)
EQUITY AT SEPTEMBER 30, 1996 ($43,834) $4,988,975 $4,945,142
See accompanying notes to financial statements (unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
<TABLE>
<CAPTION>
September 30, September 30,
1996 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 833,892 $ 823,003
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 311,094 311,094
Changes in assets and liabilities:
Increase in other assets (39,253) (26,990)
Increase in liabilities 1,644 40,337
Net cash provided by operating
activities 1,107,377 1,147,444
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property & equipment (32,387)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (809,760) (809,760)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 297,617 305,297
CASH AND CASH EQUIVALENTS:
At beginning of period 506,933 407,250
At end of period $ 804,550 $ 712,547
See accompanying notes to financial statements (unaudited).
</TABLE>
DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL
DSI Realty Income Fund VI (the "Partnership"), a limited partnership, has two
general partners (DSI Properties, Inc., and Diversified Investors Agency)
and limited partners owning 23,753 limited partnership units. The Partnership
was formed under the California Uniform Limited Partnership Act for the
primary purpose of acquiring and operating real estate.
The accompanying financial information as of September 30, 1996, and for
the periods ended September 30, 1996 and 1995, is unaudited. Such financial
information includes all adjustments which are considered necessary by the
Partnership's management for a fair presentation of the results for the
periods indicated.
2. PROPERTY
Properties owned by the Partnership are all mini-storage facilities.
Depreciation is calculated using the straight line method over the estimated
useful life of 20 years. The total cost of property and accumulated
depreciation at September 30, 1996, is as follows:
<TABLE>
<S> <C>
Land $ 1,759,000
Buildings 8,364,514
Furniture and Equipment 35,185
Total 10,158,699
Less: Accumulated Depreciation ( 5,729,920)
Property - Net $ 4,428,779
</TABLE>
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.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS YEAR
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-END> SEP-30-1996 DEC-31-1996
<CASH> 804550 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 10158699 0
<DEPRECIATION> 5729920 0
<TOTAL-ASSETS> 5310924 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 5310924 0
<SALES> 1894939 0
<TOTAL-REVENUES> 1907844 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 833892 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 833892 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 833892 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
