DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
September 30, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $ 743,906 $ 560,121
PROPERTY 3,990,965 4,305,379
OTHER ASSETS 72,718 38,342
TOTAL $4,807,589 $4,903,842
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $381,940 $376,941
PARTNERS' EQUITY:
General Partners (49,029) (48,017)
Limited Partners 4,474,678 4,574,918
Total partners' equity 4,425,649 4,526,901
TOTAL $4,807,589 $4,903,842
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
REVENUES:
Rental Income $647,974 $651,542
Interest 4,787 5,205
Total revenue 652,761 656,747
EXPENSES:
Operating Expenses 358,588 299,996
General and administrative 43,843 48,109
Total expenses 402,431 348,105
NET INCOME $250,330 $308,642
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $247,827 $305,556
General partners 2,503 3,086
TOTAL $250,330 $308,642
NET INCOME PER
LIMITED PARTNERSHIP UNIT $10.43 $12.86
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, 1997 AND 1996
September 30, September 30,
1997 1996
REVENUES:
Rental Income $1,888,221 $1,894,939
Interest 11,825 12,905
Total Revenues 1,900,046 1,907,844
EXPENSES:
Operating Expenses 1,011,999 902,949
General and administrative 179,539 171,003
Total expenses 1,191,538 1,073,952
NET INCOME 708,508 833,892
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 701,423 825,553
General Partners 7,085 8,339
TOTAL 708,508 833,892
NET INCOME PER LIMITED
PARTNERSHIP UNIT 29.53 34.76
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, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1995 ($44,075) $4,965,085 $4,921,010
NET INCOME 8,339 825,553 833,892
DISTRIBUTIONS (8,097) (801,663) (809,760)
EQUITY AT SEPTEMBER 30, 1996 ($43,833) $4,988,975 $4,945,142
EQUITY AT DECEMBER 31, 1996 ($48,017) $4,574,918 $4,526,901
NET INCOME 7,085 701,423 708,508
DISTRIBUTIONS (8,097) (801,663) (809,760)
EQUITY AT SEPTEMBER 30, 1997 ($49,029) $4,474,678 $4,425,649
See accompanying notes to financial statements (unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 708,508 $ 833,892
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 314,415 311,094
Changes in assets and liabilities:
Increase in other assets (34,376) (39,253)
Increase in liabilities 4,998 1,644
Net cash provided by operating
activities 993,545 1,107,377
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (809,760) (809,760)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 183,785 297,617
CASH AND CASH EQUIVALENTS:
At beginning of period 560,121 506,933
At end of period $ 743,906 $ 804,550
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, 1997, and for
the periods ended September 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 September 30, 1997, is as follows:
Land $ 1,759,000
Buildings 8,364,514
Furniture and Equipment 35,185
Total 10,158,699
Less: Accumulated Depreciation ( 6,167,734)
Property - Net $ 3,990,965
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.