DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), JUNE 30, 1999 AND DECEMBER 31, 1998
June 30, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $ 701,942 $ 546,110
PROPERTY, Net 3,322,779 3,513,086
OTHER ASSETS 55,368 54,810
TOTAL $4,080,089 $4,114,006
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $311,038 $364,781
PARTNERS' EQUITY (DEFICIT):
General Partners (55,595) (55,794)
Limited Partners 3,824,646 3,805,019
Total partners' equity 3,769,051 3,749,225
TOTAL $4,080,089 $4,114,006
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1999 AND 1998
June 30, June 30,
1999 1998
REVENUES:
Rental income $706,590 $688,948
Interest 2,357 4,193
Total revenue 708,947 693,141
EXPENSES:
Operating Expenses 364,202 360,204
General and Administrative 75,685 70,997
Total expenses 439,887 431,201
NET INCOME $269,060 $261,940
AGGREGATE NET INCOME ALLOCATED TO :
Limited Partners $266,369 $259,321
General Partners 2,691 2,619
TOTAL $269,060 $261,940
NET INCOME PER
LIMITED PARTNERSHIP UNIT $ 11.21 $ 10.92
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, 1999 AND 1998
June 30, June 30,
1999 1998
REVENUES:
Rental income $1,405,180 $1,343,051
Interest 4,735 7,179
Total revenues 1,409,915 1,350,230
EXPENSES:
Operating 698,358 669,883
General and administrative 151,890 146,489
Total expenses 850,248 816,372
NET INCOME $559,667 $533,858
AGGREGATE NET INCOME
ALLOCATED TO:
Limited Partners $554,070 $528,519
General Partners 5,597 5,339
TOTAL $559,667 $533,858
NET INCOME PER LIMITED
PARTNERSHIP UNIT $23.33 $22.25
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, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 1998 ($52,270) $4,153,818 $4,101,548
NET INCOME 5,339 528,519 533,858
DISTRIBUTIONS (5,398) (534,443) (539,841)
BALANCE AT JUNE 30, 1998 ($52,329) $4,147,894 $4,095,565
BALANCE AT JANUARY 1, 1999 ($55,794) $3,805,019 $3,749,225
NET INCOME 5,597 554,070 559,667
DISTRIBUTIONS (5,398) (534,443) (539,841)
BALANCE AT JUNE 30, 1999 ($55,595) $3,824,646 $3,769,051
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998
June 30, June 30,
1999 1998
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 559,667 $ 533,858
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 209,610 209,611
Changes in assets and liabilities:
Increase in other assets (558) (60,794)
(Decrease)increase in liabilities (53,743) 9,883
Net cash provided by operating
activities 714,976 692,558
CASH FLOWS FROM INVESTING ACTIVITIES -
Additions to property (19,303)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (539,841) (539,841)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 155,832 152,717
CASH AND CASH EQUIVALENTS:
At beginning of period 546,110 529,808
At end of period $ 701,942 $ 682,525
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, 1999, and for
the periods ended June 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 June 30, 1999, is as follows:
Land $ 1,759,000
Buildings 8,429,963
Equipment 35,185
Total 10,224,148
Less: Accumulated Depreciation ( 6,901,369)
Property - Net $ 3,322,779
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.