DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), March 31, 1998 AND DECEMBER 31, 1997
March 31, December 31,
1998 1997
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).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED March 31, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
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).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31,
1998 1997
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).
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:
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
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.