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, 2001.
/___/ 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 June 30, 2001, 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, 2001.
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, 2001.
(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, 2001 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, 2001 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, 2001
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, 2001. 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, 2001, and 2000, total revenues
increased 4.3% from $756,917 to $789,397 and total expenses decreased 1.6%
from $444,089 to $436,787 and other income decreased from $2,913 to $1,652.
As a result, net income increased 12.2% from $315,741 for the three month
period ended June 30, 2000, to $354,262 for the same period in 2001. The
revenue increase can be 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 87.6% for the three month period ended
June 30, 2001, compared to 88.0% for the same period in 2000. The Partner-
ship is continuing its marketing efforts to attract and keep new tenants in
its various mini-storage facilities. Operating expenses decreased approxi-
mately $1,800 (0.5%) primarily due to a decrease in maintenance and repair
expenses, partially offset by an increase in salaries and wage expenses.
General and administrative expenses decreased $5,500 (6.6%) as a result of
relatively insignificant fluctuations in various expenses.
For the six month periods ended June 30, 2001, and 2000, total revenues
increased 4.7% from $1,510,609 to $1,580,797 and total expenses decreased 2.2%
from $874,229 to $855,708 and other income decreased from $5,378 to $3,668.
As a result, net income increased 13.6% from $641,758 for the six months
ended June 30, 2000, to $728,757 for the same period in 2001. The revenue
increase can be attributed to an increase in rental revenue as a result of
higher occupancy and unit rental rates. Operating expenses decreased approxi-
mately $12,400 (1.8%) primarily due to decreases in maintenance and repair
and workers compensation insurance expenses, partially offset by increases
in property management fees and salaries and wage expenses. Property manage-
ment fees, which are based on rental revenue, increased as a result of the
increase in rental revenue. General and admiistrative expenses decreased
approximately $6,100 (3.6%) primarily as a result of a decrease in equipment
and computer lease expenses.
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, 2001 AND DECEMBER 31, 2000
June 30, December 31,
2001 2000
ASSETS
CASH AND CASH EQUIVALENTS $ 847,657 $ 537,423
PROPERTY, Net 2,551,868 2,755,151
OTHER ASSETS 86,879 80,379
TOTAL $3,486,404 $3,372,953
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $324,673 $400,138
PARTNERS' EQUITY (DEFICIT):
General Partners (61,667) (63,557)
Limited Partners 3,223,398 3,036,372
Total partners' equity 3,161,731 2,972,815
TOTAL $3,486,404 $3,372,953
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND 2000
June 30, June 30,
2001 2000
REVENUES:
Rental $789,397 $756,917
EXPENSES:
Operating 350,794 352,596
General and Administrative 85,993 91,493
Total expenses 436,787 444,089
OPERATING INCOME $352,610 $312,828
OTHER INCOME
Interest 1,652 2,913
NET INCOME $354,262 $315,741
AGGREGATE NET INCOME ALLOCATED TO :
Limited Partners $350,719 $312,584
General Partners 3,543 3,157
TOTAL $354,262 $315,741
NET INCOME PER
LIMITED PARTNERSHIP UNIT $ 14.77 $ 13.16
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, 2001 AND 2000
June 30, June 30,
2001 2000
REVENUES:
Rental $1,580,797 $1,510,609
EXPENSES:
Operating 690,151 702,549
General and administrative 165,557 171,680
Total expenses 855,708 874,229
OPERATING INCOME $725,089 $636,380
OTHER INCOME
Interest 3,668 5,378
NET INCOME $728,757 $641,758
AGGREGATE NET INCOME
ALLOCATED TO:
Limited Partners $721,469 $635,340
General Partners 7,288 6,418
TOTAL $728,757 $641,758
NET INCOME PER LIMITED
PARTNERSHIP UNIT $30.37 $26.75
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 23,753 23,753
See accompanying notes to financial statements (unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2001 AND 2000
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 2000 ($58,996) $3,488,022 $3,429,026
NET INCOME 6,418 635,340 641,758
DISTRIBUTIONS (5,398) (534,443) (539,841)
BALANCE AT JUNE 30, 2000 ($57,976) $3,588,919 $3,530,943
BALANCE AT JANUARY 1, 2001 ($63,557) $3,036,372 $2,972,815
NET INCOME 7,288 721,469 728,757
DISTRIBUTIONS (5,398) (534,443) (539,841)
BALANCE AT JUNE 30, 2001 ($61,667) $3,223,398 $3,161,731
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2001 AND 2000
June 30, June 30,
2001 2000
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 728,757 $ 641,758
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 203,283 209,610
Changes in assets and liabilities:
Increase in other assets (6,500) (2)
Decrease(increase) in liabilities (75,465) 6,308
Net cash provided by operating
activities 850,075 857,674
CASH FLOWS FROM INVESTING ACTIVITIES -
Additions to property (25,232)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (539,841) (539,841)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 310,234 292,601
CASH AND CASH EQUIVALENTS:
At beginning of period 537,423 559,869
At end of period $ 847,657 $ 852,470
See accompanying notes to financial statements (unaudited).
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, 2001, and for
the periods ended June 30, 2001 and 2000, 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, 2001, is as follows:
Land $ 1,759,000
Buildings 8,538,025
Equipment 38,710
Total 10,335,735
Less: Accumulated Depreciation ( 7,783,867)
Property - Net $ 2,551,868
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.