DSI REALTY INCOME FUND VI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), SEPTEMBER 30, 1998 AND DECEMBER 31, 1997
September 30, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $ 871,271 $ 529,808
PROPERTY 3,598,911 3,900,913
OTHER ASSETS 85,960 38,842
TOTAL $4,556,142 $4,469,563
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $388,526 $368,015
PARTNERS' EQUITY:
General Partners (51,609) (52,270)
Limited Partners 4,219,225 4,153,818
Total partners' equity 4,167,616 4,101,548
TOTAL $4,556,142 $4,469,563
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
September 30, September 30,
1998 1997
REVENUES:
Rental Income $703,399 $647,974
Interest 4,671 4,787
Total revenue 708,070 652,761
EXPENSES:
Operating Expenses 315,462 358,588
General and administrative 50,638 43,843
Total expenses 366,100 402,431
NET INCOME $341,970 $250,330
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $338,550 $247,827
General partners 3,420 2,503
TOTAL $341,970 $250,330
NET INCOME PER
LIMITED PARTNERSHIP UNIT $14.25 $10.43
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, 1998 AND 1997
September 30, September 30,
1998 1997
REVENUES:
Rental Income $2,046,450 $1,888,221
Interest 11,850 11,825
Total Revenues 2,058,300 1,900,046
EXPENSES:
Operating Expenses 985,345 1,011,999
General and administrative 197,127 179,539
Total expenses 1,182,472 1,191,538
NET INCOME 875,828 708,508
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 867,070 701,423
General Partners 8,758 7,085
TOTAL 875,828 708,508
NET INCOME PER LIMITED
PARTNERSHIP UNIT 36.50 29.53
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, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT JANUARY 1, 1997 ($48,017) $4,574,918 $4,526,901
NET INCOME 7,085 701,423 708,508
DISTRIBUTIONS (8,097) (801,663) (809,760)
EQUITY AT SEPTEMBER 30, 1997 ($49,029) $4,474,678 $4,425,649
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
See accompanying notes to financial statements (unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
September 30, September 30,
1998 1997
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 875,828 $ 708,508
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 (47,118) (34,376)
Increase in liabilities 20,511 4,998
Net cash provided by operating
activities 1,163,636 993,545
CASH FLOWS FROM INVESTING ACTIVITIES -
Additions to property (12,413)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (809,760) (809,760)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 341,463 183,785
CASH AND CASH EQUIVALENTS:
At beginning of period 529,808 560,121
At end of period $ 871,271 $ 743,906
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, 1998, and for
the periods ended September 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 September 30, 1998, is as follows:
Land $ 1,759,000
Buildings 8,391,680
Furniture and Equipment 35,185
Total 10,185,865
Less: Accumulated Depreciation ( 6,586,954)
Property - Net $ 3,598,911
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.