DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), JUNE 30, 1997 AND DECEMBER 31, 1996
June 30, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $ 612,676 $ 560,121
PROPERTY 4,095,770 4,305,379
OTHER ASSETS 101,069 38,342
TOTAL $4,809,515 $4,903,842
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $364,277 $376,941
PARTNERS' EQUITY:
General Partners (48,834) (48,017)
Limited Partners 4,494,071 4,574,918
Total partners' equity 4,445,238 4,526,901
TOTAL $4,809,515 $4,903,842
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $627,006 $621,173
Interest 3,783 4,876
Total revenue 630,789 626,049
EXPENSES:
Operating Expenses 336,810 307,844
General and Administrative 64,175 47,106
Total expenses 400,985 354,950
NET INCOME $229,804 $271,099
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $227,506 $268,388
General partners 2,298 2,711
TOTAL $229,804 $271,099
NET INCOME PER
LIMITED PARTNERSHIP UNIT $ 9.58 $11.30
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, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $1,240,247 $1,243,397
Interest 7,038 7,700
Total revenues 1,247,285 1,251,097
EXPENSES:
Operating Expenses 653,411 602,953
General and administrative 135,696 122,894
Total expenses 789,107 725,847
NET INCOME $458,178 $525,250
AGGREGATE NET INCOME
ALLOCATED TO:
Limited Partners $453,596 $519,998
General Partners 4,581 5,253
TOTAL $458,178 $525,250
NET INCOME PER LIMITED
PARTNERSHIP UNIT $19.10 $21.89
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 JUNE 30, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1995 ($44,075) $4,965,085 $4,921,010
NET INCOME 5,253 519,998 525,250
DISTRIBUTIONS (5,398) (534,443) (539,841)
EQUITY AT JUNE 30, 1996 ($44,221) $4,950,640 $4,906,419
EQUITY AT DECEMBER 31, 1996 ($48,017) $4,574,918 $4,526,901
NET INCOME 4,581 453,596 458,178
DISTRIBUTIONS (5,398) (534,443) (539,841)
EQUITY AT JUNE 30, 1997 ($48,834) $4,494,071 $4,445,238
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 458,178 $ 525,250
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 209,610 207,396
Changes in assets and liabilities:
Increase in other assets (62,727) (80,850)
(Decrease) Increase in liabilities (12,665) 2,638
Net cash provided by operating
activities 592,396 654,434
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (539,841) (539,841)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 52,555 114,593
CASH AND CASH EQUIVALENTS:
At beginning of period 560,121 506,933
At end of period $ 612,676 $ 621,526
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, 1997, and for
the periods ended June 30, 1997 and 1996, 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, 1997, is as follows:
Land $ 1,759,000
Buildings 8,364,514
Furniture and Equipment 35,185
Total 10,158,699
Less: Accumulated Depreciation ( 6,062,929)
Property - Net $ 4,095,770
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.