DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), JUNE 30, 1998 AND DECEMBER 31, 1997
June 30, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $ 682,525 $ 529,808
PROPERTY 3,691,303 3,900,913
OTHER ASSETS 99,636 38,842
TOTAL $4,473,464 $4,469,563
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $377,899 $368,015
PARTNERS' EQUITY:
General Partners (52,329) (52,270)
Limited Partners 4,147,894 4,153,818
Total partners' equity 4,095,565 4,101,548
TOTAL $4,473,464 $4,469,563
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1998 1997
REVENUES:
Rental Income $688,948 $627,006
Interest 4,193 3,783
Total revenue 693,141 630,789
EXPENSES:
Operating Expenses 360,204 336,810
General and Administrative 70,997 64,175
Total expenses 431,201 400,985
NET INCOME $261,940 $229,804
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $259,321 $227,506
General partners 2,619 2,298
TOTAL $261,940 $229,804
NET INCOME PER
LIMITED PARTNERSHIP UNIT $10.92 $ 9.58
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, 1998 AND 1997
June 30, June 30,
1998 1997
REVENUES:
Rental Income $1,343,051 $1,240,247
Interest 7,179 7,038
Total revenues 1,350,230 1,247,285
EXPENSES:
Operating Expenses 669,883 653,411
General and administrative 146,489 135,696
Total expenses 816,372 789,107
NET INCOME $533,858 $458,178
AGGREGATE NET INCOME
ALLOCATED TO:
Limited Partners $528,519 $453,596
General Partners 5,339 4,582
TOTAL $533,858 $458,178
NET INCOME PER LIMITED
PARTNERSHIP UNIT $22.25 $19.10
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, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1996 ($48,017) $4,574,918 $4,526,901
NET INCOME 4,582 453,596 458,178
DISTRIBUTIONS (5,398) (534,443) (539,841)
EQUITY AT JUNE 30, 1997 ($48,833) $4,494,071 $4,445,238
EQUITY AT DECEMBER 31, 1997 ($52,270) $4,153,818 $4,101,548
NET INCOME 5,339 528,519 533,858
DISTRIBUTIONS (5,398) (534,443) (539,841)
EQUITY AT JUNE 30, 1998 ($52,329) $4,147,894 $4,095,565
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1998 1997
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 533,858 $ 458,178
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 209,611 209,610
Changes in assets and liabilities:
Increase in other assets (60,794) (62,727)
Increase(Decrease) in liabilities 9,883 (12,665)
Net cash provided by operating
activities 692,558 592,396
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (539,841) (539,841)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 152,717 52,555
CASH AND CASH EQUIVALENTS:
At beginning of period 529,808 560,121
At end of period $ 682,525 $ 612,676
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, 1998, and for
the periods ended June 30, 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 June 30, 1998, is as follows:
Land $ 1,759,000
Buildings 8,379,267
Equipment 35,185
Total 10,173,452
Less: Accumulated Depreciation ( 6,482,149)
Property - Net $ 3,691,303
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.