DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), SEPTEMBER 30, 1999 AND DECEMBER 31, 1999
September 30, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $ 908,262 $ 546,110
PROPERTY, Net 3,217,974 3,513,086
OTHER ASSETS 56,514 54,810
TOTAL $4,182,750 $4,114,006
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $356,702 $364,781
PARTNERS' EQUITY (DEFICIT):
General Partners (55,025) (55,794)
Limited Partners 3,881,073 3,805,019
Total partners' equity 3,826,048 3,749,225
TOTAL $4,182,750 $4,114,006
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30,
1999 1998
REVENUES:
Rental Income $741,280 $703,399
Interest 2,377 4,671
Total revenue 743,657 708,070
EXPENSES:
Operating 361,922 315,462
General and administrative 54,819 50,638
Total expenses 416,741 366,100
NET INCOME $326,916 $341,970
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $323,647 $338,550
General partners 3,269 3,420
TOTAL $326,916 $341,970
NET INCOME PER
LIMITED PARTNERSHIP UNIT $13.63 $14.25
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, 1999 AND 1998
September 30, September 30,
1999 1998
REVENUES:
Rental income $2,146,460 $2,046,450
Interest 7,112 11,850
Total revenues 2,153,572 2,058,300
EXPENSES:
Operating 1,060,280 985,345
General and administrative 206,709 197,127
Total expenses 1,266,989 1,182,472
NET INCOME 886,583 875,828
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 877,717 867,070
General Partners 8,866 8,758
TOTAL 886,583 875,828
NET INCOME PER LIMITED
PARTNERSHIP UNIT 36.95 36.50
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, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT JANUARY 1, 1998 ($52,270) $4,153,818 $4,101,548
NET INCOME 8,758 867,070 875,828
DISTRIBUTIONS (8,097) (801,663) (809,760)
EQUITY AT SEPTEMBER 30, 1998 ($51,609) $4,219,225 $4,167,616
BALANCE AT JANUARY 1, 1999 ($55,794) $3,805,019 $3,749,225
NET INCOME 8,866 877,717 886,583
DISTRIBUTIONS (8,097) (801,663) (809,760)
BALANCE AT SEPTEMBER 30, 1999 ($55,025) $3,881,073 $3,826,048
See accompanying notes to financial statements (unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30,
1999 1998
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 886,583 $ 875,828
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 (1,704) (47,118)
(Decrease)increase in liabilities (8,079) 20,511
Net cash provided by operating
activities 1,191,215 1,163,636
CASH FLOWS FROM INVESTING ACTIVITIES -
Additions to property (19,303) (12,413)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (809,760) (809,760)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 362,152 341,463
CASH AND CASH EQUIVALENTS:
At beginning of period 546,110 529,808
At end of period $ 908,262 $ 871,271
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, 1999, and for
the periods ended September 30, 1999 and 1998, 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, 1999, is as follows:
Land $ 1,759,000
Buildings 8,429,963
Furniture and Equipment 35,185
Total 10,224,148
Less: Accumulated Depreciation ( 7,006,174)
Property - Net $ 3,217,974
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.