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 March 31, 1998.
/___/ 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.)
6700 E. Pacific Coast Hwy, Long Beach, California 90803
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code-(562)493-8881.
_________________________________________________________________
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 March 31, 1998 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 March 31, 1998.
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
March 31, 1998.
(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: April 30, 1998 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: April 30, 1998 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
April 30, 1998
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 March 31, 1998. 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 March 31, 1998 and 1997, total revenues
increased 6.6% from $616,496 to $657,089 and total expenses decreased 0.8%
from $388,122 to $385,171. As a result, net income increased 19.1% from
$228,374 for the three month period ended March 31, 1997, to $271,918 for
the same period in 1998. The revenue increase can be attributed to an
increase in rental income as a result of higher occupancy and unit rental
rates. Occupancy levels for the Partnership's six mini-storage facilities
averaged 85.1% for the three month period ended March 31, 1998, compared to
83.6% for the same period in 1997. 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 a
decrease in maintenance and repair expense, partially offset by an increase
in property management fees. Property management fees, which are based on
rental revenue, increased as a result of the increase in rental revenue.
General and administrative expenses increased approximately $4,000 (5.6%)
primarily as a result of an increase in incentive management fees. Incentive
management fees, which are based on cash available for distribution, increased
as a result of the increase in net income during the three month period ended
March 31, 1998, as compared to the same period in 1997.
The General Partners plan to continue their policy of funding the continuing
improvement 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), March 31, 1998 AND DECEMBER 31, 1997
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 599,686 $ 529,808
PROPERTY 3,796,108 3,900,913
OTHER ASSETS 48,133 38,342
TOTAL $4,443,927 $4,469,563
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $340,381 $368,015
PARTNERS' EQUITY:
General Partners (52,250) (52,270)
Limited Partners 4,155,796 4,153,818
Total partners' equity 4,103,546 4,101,548
TOTAL $4,443,927 $4,469,563
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED March 31, 1998 AND 1997
March 31, March 31,
1998 1997
REVENUES:
Rental Income $654,103 $613,241
Interest 2,986 3,255
Total revenue 657,089 616,496
EXPENSES:
Operating Expenses 309,679 316,601
General and administrative 75,492 71,521
Total expenses 385,171 388,122
NET INCOME $271,918 $228,374
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $269,199 $226,090
General partners 2,719 2,284
TOTAL $271,918 $228,374
NET INCOME PER
LIMITED PARTNERSHIP UNIT $11.33 $ 9.52
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 March 31, 1998 AND 1997
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
EQUITY AT DECEMBER 31, 1996 ($48,017) $4,574,918 $4,526,901
NET INCOME 2,284 226,090 228,374
DISTRIBUTIONS (2,699) (267,221) (269,920)
--------- ----------- -----------
EQUITY AT MARCH 31, 1997 ($48,432) $4,533,787 $4,485,355
========= =========== ===========
EQUITY AT DECEMBER 31, 1997 ($52,270) $4,153,818 $4,101,548
NET INCOME 2,719 269,199 271,918
DISTRIBUTIONS (2,699) (267,221) (269,920)
--------- ----------- -----------
EQUITY AT MARCH 31, 1998 ($52,250) $4,155,796 $4,103,546
========= =========== ===========
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
<TABLE>
<CAPTION>
March 31, March 31,
1998 1997
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 271,918 $ 228,374
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 104,806 104,805
Changes in assets and liabilities:
Increase in other assets (9,291) (49,480)
Increase in liabilities (27,635) 10,808
Net cash provided by operating
activities 339,798 294,507
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (269,920) (269,920)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 69,878 24,587
CASH AND CASH EQUIVALENTS:
At beginning of period 529,808 560,121
At end of period $ 599,686 $ 584,708
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 March 31, 1998, and for
the periods ended March 31, 1998 and 1997, 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 March 31, 1998, is as follows:
<TABLE>
<S> <C>
Land $ 1,759,000
Buildings 8,379,267
Furniture and Equipment 35,185
Total 10,173,452
Less: Accumulated Depreciation ( 6,377,344)
Property - Net $ 3,796,108
</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-31-1998 DEC-31-1998
<PERIOD-END> MAR-31-1998 DEC-31-1998
<CASH> 599686 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 10173452 0
<DEPRECIATION> 6377344 0
<TOTAL-ASSETS> 4443927 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 4443927 0
<SALES> 654103 0
<TOTAL-REVENUES> 657089 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 271918 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 271918 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 271918 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
