DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), March 31, 1999 AND DECEMBER 31, 1998
March 31, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $ 662,800 $ 546,110
PROPERTY,NET 3,427,584 3,513,086
OTHER ASSETS 54,810 54,810
TOTAL $4,145,194 $4,114,006
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $375,282 $364,781
PARTNERS' EQUITY (DEFICIT):
General Partners (55,587) (55,794)
Limited Partners 3,825,499 3,805,019
Total partners' equity 3,769,912 3,749,225
TOTAL $4,145,194 $4,114,006
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED March 31, 1999 AND 1998
March 31, March 31,
1999 1998
REVENUES:
Rental Income $698,590 $654,103
Interest 2,378 2,986
Total revenue 700,968 657,089
EXPENSES:
Operating 334,156 309,679
General and administrative 76,205 75,492
Total expenses 410,361 385,171
NET INCOME $290,607 $271,918
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $287,701 $269,199
General partners 2,906 2,719
TOTAL $290,607 $271,918
NET INCOME PER
LIMITED PARTNERSHIP UNIT $12.11 $11.33
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 (DEFICIT)(UNAUDITED)
FOR THE THREE MONTHS ENDED March 31, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE, JANUARY 1, 1998 ($52,270) $4,153,818 $4,101,548
NET INCOME 2,719 269,199 271,918
DISTRIBUTIONS (2,699) (267,221) (269,920)
BALANCE, MARCH 31, 1998 ($52,250) $4,155,796 $4,103,546
BALANCE, JANUARY 1, 1999 ($55,794) $3,805,019 $3,749,225
NET INCOME 2,906 287,701 290,607
DISTRIBUTIONS (2,699) (267,221) (269,920)
BALANCE, MARCH 31, 1999 ($55,587) $3,825,499 $3,769,912
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
March 31, March 31,
1999 1998
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 290,607 $ 271,918
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 104,805 104,806
Changes in assets and liabilities:
Increase in other assets 0 (9,291)
Increase(decrease) in liabilities 10,501 (27,635)
Net cash provided by operating
activities 405,913 339,798
CASH FLOWS FROM INVESTING ACTIVITIES-
Additions to property (19,303)
CASH FLOWS FROM FINANCING ACTIVITIES-
Distributions to partners (269,920) (269,920)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 116,690 69,878
CASH AND CASH EQUIVALENTS:
At beginning of period 546,110 529,808
At end of period $ 662,800 $ 599,686
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, 1999, and for
the periods ended March 31, 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 March 31, 1999, is as follows:
Land $ 1,759,000
Buildings 8,429,963
Furniture and Equipment 35,185
Total 10,224,148
Less: Accumulated Depreciation ( 6,796,564)
Property - Net $ 3,427,584
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.