DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), March 31, 1997 AND DECEMBER 31, 1996
March 31, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $ 584,708 $ 560,121
PROPERTY 4,200,575 4,305,379
OTHER ASSETS 87,822 38,342
TOTAL $4,873,105 $4,903,842
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $387,750 $376,941
PARTNERS' EQUITY:
General Partners (48,432) (48,017)
Limited Partners 4,533,787 4,574,918
Total partners' equity 4,485,355 4,526,901
TOTAL $4,873,105 $4,903,842
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED March 31, 1997 AND 1996
March 31, March 31,
1997 1996
REVENUES:
Rental Income $613,241 $622,224
Interest 3,255 2,824
Total revenue 616,496 625,048
EXPENSES:
Operating Expenses 316,601 295,109
General and Administrative 71,521 75,788
Total expenses 388,122 370,897
NET INCOME $228,374 $254,151
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $226,090 $251,609
General partners 2,284 2,542
TOTAL $228,374 $254,151
NET INCOME PER
LIMITED PARTNERSHIP UNIT $ 9.52 $10.59
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 THREE MONTHS ENDED March 31, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1995 ($44,075) $4,965,085 $4,921,010
NET INCOME 2,542 251,609 254,151
DISTRIBUTIONS (2,699) (267,221) (269,920)
EQUITY AT MARCH 31, 1996 ($44,232) $4,949,473 $4,905,241
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
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
March 31, March 31,
1997 1996
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 228,374 $ 254,151
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 104,805 103,697
Changes in assets and liabilities:
Increase in other assets (49,480) (62,327)
Increase in liabilities 10,808 13,560
Net cash provided by operating
activities 294,507 309,081
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (269,920) (269,920)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 24,587 39,161
CASH AND CASH EQUIVALENTS:
At beginning of period 560,121 506,933
At end of period $ 584,708 $ 546,094
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 March 31, 1997, and for
the periods ended March 31, 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 March 31, 1997, is as follows:
Land $ 1,759,000
Buildings 8,364,514
Furniture and Equipment 35,185
Total 10,158,699
Less: Accumulated Depreciation ( 5,958,124)
Property - Net $ 4,200,575
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.