SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
/_x_/ Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934.
For the quarterly period ended June 30, 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 June 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 June 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
June 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: July 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: July 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
July 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 June 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 June 30, 1996 and 1995, total revenues
increased 1.0% from $619,822 to $626,049 and total expenses decreased 1.7%
from $360,978 to $354,950. As a result, net income increased 4.7% from
$258,844 for the three month period ended June 30, 1995, to $271,099 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 periods ended June 30, 1996, compared to 85.4%
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 $6,900 (2.2%) primarily
due to decreases in yellow page advertising and maintenance and repair
expenses partially offset by an increase in real estate tax expense.
General and administrative expenses remained relatively constant
during the three month periods ended June 30, 1996 and 1995.
For the six month periods ended June 30, 1996, and 1995, total revenues
increased 1.4% from $1,234,411 to $1,251,097 and total expenses increased
2.6% from $707,267 to $725,847. As a result, net income decreased 0.4% from
$527,144 for the six months ended June 30, 1995, to $525,250 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 $15,700 (2.7%) primarily due to an increase in real estate tax
expense and salaries and wages partially offset by a decrease in yellow pages
advertising and maintenance and repair expenses. General and administrative
expenses remained relatively constant during the six month periods ended
June 30, 1996 and 1995.
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), June 30, 1996 AND DECEMBER 31, 1995
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 621,526 $ 506,933
PROPERTY 4,532,477 4,739,872
OTHER ASSETS 119,192 38,342
TOTAL $5,273,195 $5,285,147
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $366,776 $364,137
PARTNERS' EQUITY:
General Partners (44,221) (44,075)
Limited Partners 4,950,640 4,965,085
Total partners' equity 4,906,419 4,921,010
TOTAL $5,273,195 $5,285,147
See accompanying notes to financial statements (unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED June 30, 1996 AND 1995
June 30, June 30,
1996 1995
REVENUES:
Rental Income $621,173 $616,133
Interest 4,876 3,689
Total revenue 626,049 619,822
EXPENSES:
Operating Expenses 307,844 314,744
General and administrative 47,106 46,234
Total expenses 354,950 360,978
NET INCOME $271,099 $258,844
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $268,388 $256,256
General partners 2,711 2,588
TOTAL $271,099 $258,844
NET INCOME PER
LIMITED PARTNERSHIP UNIT $11.30 $10.79
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
<TABLE>
<CAPTION>
June 30, June 30,
1996 1995
<S> <C> <C>
REVENUES:
Rental Income $1,243,397 $1,228,515
Interest 7,700 5,896
Total Revenues 1,251,097 1,234,411
EXPENSES:
Operating Expenses 602,953 587,256
General and administrative 122,894 120,011
Total expenses 725,847 707,267
NET INCOME 525,250 527,144
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 519,998 521,873
General Partners 5,252 5,271
TOTAL 525,250 527,144
NET INCOME PER LIMITED
PARTNERSHIP UNIT 21.89 21.97
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 SIX MONTHS ENDED June 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 5,271 521,873 527,144
DISTRIBUTIONS (5,398) (534,442) (539,840)
EQUITY AT JUNE 30, 1995 ($41,479) $5,222,125 $5,180,646
EQUITY AT DECEMBER 31, 1995 ($44,075) $4,965,085 $4,921,010
NET INCOME 5,252 519,998 525,250
DISTRIBUTIONS (5,398) (534,443) (539,841)
EQUITY AT JUNE 30, 1996 ($44,220) $4,950,640 $4,906,419
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
<TABLE>
<CAPTION>
June 30, June 30,
1996 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 525,250 $ 527,144
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 207,396 207,396
Changes in assets and liabilities:
Increase in other assets (80,850) (42,050)
Increase in liabilities 2,638 23,647
Net cash provided by operating
activities 654,434 716,137
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property & equipment (5,227)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (539,841) (539,840)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 114,593 171,070
CASH AND CASH EQUIVALENTS:
At beginning of period 506,933 407,250
At end of period $ 621,526 $ 578,320
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 June 30, 1996, and for
the periods ended June 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 June 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 ( 5,626,222)
Property - Net $ 4,532,477
</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> JUN-30-1996 DEC-31-1996
<CASH> 621526 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 10158699 0
<DEPRECIATION> 5626222 0
<TOTAL-ASSETS> 5273195 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 5273195 0
<SALES> 1243397 0
<TOTAL-REVENUES> 1251097 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 525250 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 525250 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 525250 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
