SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
/_x_/ Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934.
For the quarterly period ended June 30, 1997.
/___/ Transition report pursuant to Section 13 or 15(d) of the
Securities Act of 1934
for the transition period from ______________ to ________________.
Commission File Number 2-68926
DSI REALTY INCOME FUND VI, A California Limited Partnership
(Exact name of registrant as specified in its charter)
California_______________________________________95-3633566
(State or other jurisdiction of (I.R.S. Employer
incorporation) Identification No.)
3701 Long Beach Boulevard, Long Beach, California 90807
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code-(562)595-7711
_________________________________________________________________
Former name, former address and former fiscal year, if changed
since last report.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes _x_. No___.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The information required by Rule 10-01 of Regulation S-X is
included in the Quarterly Report to the Limited Partners of Registrant for
the period ended June 30, 1997 which is attached hereto as Exhibit "20"
and incorporated herein by this reference.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Registrant incorporates by this reference its Quarterly Report
to Limited Partners for the period ended June 30, 1997.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8K.
(a) Attached hereto as Exhibit "20" is Registrant's Quarterly
Report to Limited Partners for the period ended
June 30, 1997.
(B) Registrant did not file any reports on Form 8-K for the
period reported upon.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: July 31, 1997 DSI REALTY INCOME FUND VI
A California Limited Partnership
(Registrant)
By__/s/ Robert J. Conway______
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial
Officer
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: July 31, 1997 DSI REALTY INCOME FUND VI
A California Limited Partnership
(Registrant)
By___/s/ Robert J. Conway_____
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial
Officer
July 31, 1997
QUARTERLY REPORT TO THE LIMITED PARTNERS
OF DSI REALTY INCOME FUND VI
DEAR LIMITED PARTNERS:
We are pleased to enclose the Partnership's unaudited financial statements
for the period ended June 30, 1997. The following is Management's discussion
and analysis of the Partnership's financial condition and results of its
operations.
For the three month periods ended June 30, 1997, and 1996, total revenues
increased 0.8% from $626,049 to $630,789 and total expenses increased 13%
from $354,950 to $400,985. As a result, net income decreased 15.3% from
from $271,399 for the three month period ended June 30, 1996, to $229,804
for the same period in 1997. The revenue increase can be primarily attributed
to an increase in rental income as a result of higher unit rental rates.
Operating expenses increased approximately $29,000 (9.4%) primarily due to
increases in yellow pages advertising costs, maintenance and repair expenses
and salaries and wages. General and admministrative expenses increased
approximately $17,100 (36.2%) primarily as a result of an increase in
Colorado State Taxes which were levied for the first time, partially offset
by a decrease in incentive management fees. Incentive management fees which
are based on cash available for distribution, decreased as a result of the
decrease in net income. Occupancy levels for the Partnership's six mini-
storage facilities averaged 85.8% for the three month period ended June 30,
1997, compared to 85.1% for the same period in 1996. The Partnership is
continuing its marketing efforts to attract and keep new tenants in its
various mini-storage facilities.
For the six month periods ended June 30, 1997, and 1996, total revenues
decreased 0.3% from $1,251,097 to $1,247,285 and total expenses increased
8.7% from $725,847 to $789,107. As a result, net income decreased 12.8% from
$525,250 for the six months ended June 30, 1996, to $458,178 for the same
period in 1997. The reason for the decrease in revenues can be primarily
attributed to a decrease in late fees, partially offset by an increase in
rental income as a result of higher unit rental rates. Operating expenses
increased approximately $50,500 (8.4%) primarily due to the same reasons as
discussed above. General and adminstrative expenses increased approximately
$12,800 (10.4%) primarily due to the same reasons as discussed above.
The General Partners plan to continue their policy of funding improvements
and maintenance of Partnership properties with cash generated from
operations. The Partnership's resources appear to be adequate to meet
its needs. The General Partners anticipate distributions to the Limited
Partners to remain at the current level for the foreseeable future.
We are not enclosing a copy of the Partnership Form 10-Q as filed with
the Securities and Exchange Commission since all the information set
forth therein is contained either in this letter or in the attached
financial statements. However, if you wish to receive a copy of said
report, please send a written request to DSI Realty Income Fund VI,
P.O. Box 357, Long Beach, California 90801.
Very truly yours,
DSI Realty Income Fund VI
By: DSI Properties, Inc., as
General Partner
By___\s\ Robert J. Conway_______
ROBERT J. CONWAY, President
DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), JUNE 30, 1997 AND DECEMBER 31, 1996
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 612,676 $ 560,121
PROPERTY 4,095,770 4,305,379
OTHER ASSETS 101,069 38,342
TOTAL $4,809,515 $4,903,842
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $364,277 $376,941
PARTNERS' EQUITY:
General Partners (48,834) (48,017)
Limited Partners 4,494,071 4,574,918
Total partners' equity 4,445,238 4,526,901
TOTAL $4,809,515 $4,903,842
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $627,006 $621,173
Interest 3,783 4,876
Total revenue 630,789 626,049
EXPENSES:
Operating Expenses 336,810 307,844
General and Administrative 64,175 47,106
Total expenses 400,985 354,950
NET INCOME $229,804 $271,099
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $227,506 $268,388
General partners 2,298 2,711
TOTAL $229,804 $271,099
NET INCOME PER
LIMITED PARTNERSHIP UNIT $ 9.58 $11.30
LIMITED PARTNERSHIP
UNITS USED IN PER
UNIT CALCULATION 23,753 23,753
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $1,240,247 $1,243,397
Interest 7,038 7,700
Total revenues 1,247,285 1,251,097
EXPENSES:
Operating Expenses 653,411 602,953
General and administrative 135,696 122,894
Total expenses 789,107 725,847
NET INCOME $458,178 $525,250
AGGREGATE NET INCOME
ALLOCATED TO:
Limited Partners $453,596 $519,998
General Partners 4,581 5,253
TOTAL $458,178 $525,250
NET INCOME PER LIMITED
PARTNERSHIP UNIT $19.10 $21.89
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 23,753 23,753
See accompanying notes to financial statements (unaudited).
</TABLE>
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
EQUITY AT DECEMBER 31, 1995 ($44,075) $4,965,085 $4,921,010
NET INCOME 5,253 519,998 525,250
DISTRIBUTIONS (5,398) (534,443) (539,841)
EQUITY AT JUNE 30, 1996 ($44,221) $4,950,640 $4,906,419
EQUITY AT DECEMBER 31, 1996 ($48,017) $4,574,918 $4,526,901
NET INCOME 4,581 453,596 458,178
DISTRIBUTIONS (5,398) (534,443) (539,841)
EQUITY AT JUNE 30, 1997 ($48,834) $4,494,071 $4,445,238
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
<TABLE>
<CAPTION>
June 30, June 30,
1997 1996
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 458,178 $ 525,250
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 209,610 207,396
Changes in assets and liabilities:
Increase in other assets (62,727) (80,850)
(Decrease) Increase in liabilities (12,665) 2,638
Net cash provided by operating
activities 592,396 654,434
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (539,841) (539,841)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 52,555 114,593
CASH AND CASH EQUIVALENTS:
At beginning of period 560,121 506,933
At end of period $ 612,676 $ 621,526
See accompanying notes to financial statements (unaudited).
</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, 1997, and for
the periods ended June 30, 1997 and 1996, is unaudited. Such financial
information includes all adjustments which are considered necessary by the
Partnership's management for a fair presentation of the results for the
periods indicated.
2. PROPERTY
Properties owned by the Partnership are all mini-storage facilities.
Depreciation is calculated using the straight line method over the estimated
useful life of 20 years. The total cost of property and accumulated
depreciation at June 30, 1997, is as follows:
<TABLE>
<S> <C>
Land $ 1,759,000
Buildings 8,364,514
Furniture and Equipment 35,185
Total 10,158,699
Less: Accumulated Depreciation ( 6,062,929)
Property - Net $ 4,095,770
</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-31-1997 DEC-31-1997
<PERIOD-END> JUN-30-1997 DEC-31-1997
<CASH> 612676 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 10158699 0
<DEPRECIATION> 6062929 0
<TOTAL-ASSETS> 4095770 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 4809515 0
<SALES> 1240247 0
<TOTAL-REVENUES> 1247285 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 458178 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 458178 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 458178 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
