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, 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 September 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 September 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
September 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: October 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: October 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
October 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 September 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 September 30, 2001 and 2000, total revenues
decreased 2.7% from $803,919 to $782,190 and total expenses decreased 2.4%
from $442,232 to $431,582 and other income decreased from $3,102 to $1,324.
As a result, net income decreased 3.5% from $364,789 for the three-month period
ended September 30, 2000, to $351,932 for the same period in 2001. The revenue
decrease can be attributed to a decrease in rental income as a result of lower
occuapncy rates. Occupancy levels for the Partnership's six mini-storage
facilities averaged 88.4% for the three-month period ended September 30, 2001,
compared to 90.1% for the same period in 2000. The Partnerhsip is continuing
its marketing efforts to attract and keep new tenants in its various mini-
storage facilities. Operating expenses decreased approximately $22,700 (5.9%)
primarily due to decreases in advertising, maintenance and repair,salaries and
wages and postage expenses, partially offset by an increase in office supply
expense. General and administrative expenses increased $12,000 (21.7%) as a
result of relatively insignificant fluctuations in various expense accounts.
For the nine-month periods ended September 30, 2001, and 2000, total revenues
increased 2.1% from $2,314,528 to $2,362,987 and total expenses decreased
2.2% from $1,316,461 to $1,287,290 and other income decreased from $8,480 to
$4,992. As a result, net income increased 7.4% from $1,006,547 for the nine
months ended September 30, 2000, to $1,080,689 for the same period in 2001.
The revenue increase can be attributed to an increase in rental revenue as a
result of higher unit rental rates. Operating expenses decreased approximately
$35,100 (3.2%) primarily due to decreases in advertising, maintenance and
repair, workers compensation insurance and postage expenses, partially offset
by increases in property management fees, office supplies and salaries and
wages expenses. Property management fees, which are based on rental revenue,
increased as a result of the increase in rental revenue. General and admin-
istrative expenses increased approximately $5,900 (2.6%) 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, 2001 AND DECEMBER 31, 2000
September 30, December 31,
2001 2000
ASSETS
CASH AND CASH EQUIVALENTS $1,111,774 $ 537,423
PROPERTY, Net 2,440,736 2,755,151
OTHER ASSETS 86,879 80,379
TOTAL $3,639,389 $3,372,953
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $395,645 $400,138
PARTNERS' EQUITY (DEFICIT):
General Partners (60,847) (63,557)
Limited Partners 3,304,591 3,036,372
Total partners' equity 3,243,744 2,972,815
TOTAL $3,639,389 $3,372,953
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
September 30, September 30,
2001 2000
REVENUES:
Rental $782,190 $803,919
EXPENSES:
Operating 364,142 386,830
General and administrative 67,440 55,402
Total expenses 431,582 442,232
OPERATING INCOME 350,608 361,687
OTHER INCOME
Interest 1,324 3,102
NET INCOME 351,932 364,789
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $348,413 $361,141
General partners 3,519 3,648
TOTAL $351,932 $364,789
NET INCOME PER
LIMITED PARTNERSHIP UNIT $14.67 $15.20
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 NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
September 30, September 30,
2001 2000
REVENUES:
Rental $2,362,987 $2,314,528
EXPENSES:
Operating 1,054,293 1,089,379
General and administrative 232,997 227,082
Total expenses 1,287,290 1,316,461
OPERATING INCOME 1,075,697 998,067
OTHER INCOME
Interest 4,992 8,480
NET INCOME 1,080,689 1,006,547
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 1,069,882 996,482
General Partners 10,807 10,065
TOTAL 1,080,689 1,006,547
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 45.04 $ 41.95
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 NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 2000 ($58,996) $3,488,022 $3,429,026
NET INCOME 10,065 996,482 1,006,547
DISTRIBUTIONS (8,097) (801,663) (809,760)
BALANCE AT SEPTEMBER 30, 2000 ($57,028) $3,682,841 $3,625,813
BALANCE AT JANUARY 1, 2001 ($63,557) $3,036,372 $2,972,815
NET INCOME 10,807 1,069,882 1,080,689
DISTRIBUTIONS (8,097) (801,663) (809,760)
BALANCE AT SEPTEMBER 2001 ($60,847) $3,304,591 $3,243,774
See accompanying notes to financial statements (unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
September 30, September 30,
2001 2000
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $1,080,689 $1,006,547
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 314,415 314,415
Changes in assets and liabilities:
Increase in other assets (6,500) (2)
(Decrease)increase in liabilities (4,493) 73,691
Net cash provided by operating
activities 1,384,111 1,394,651
CASH FLOWS FROM INVESTING ACTIVITIES -
Additions to property (28,757)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (809,760) (809,760)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 574,351 556,134
CASH AND CASH EQUIVALENTS:
At beginning of period 537,423 559,869
At end of period $1,111,774 $1,116,003
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 September 30, 2001, and for
the periods ended September 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 September 30, 2001, is as follows:
Land $ 1,759,000
Buildings 8,538,025
Equipment 38,710
Total 10,335,735
Less: Accumulated Depreciation ( 7,894,999)
Property - Net $ 2,440,736
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.