Dsi Realty Income Fund Vii 10-Q/A 19 Aug 14 2014 Q2 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	6 Months Ended
	Jun. 30, 2014
Document And Entity Information	'
Entity Registrant Name	'DSI Realty Income Fund VII
Entity Central Index Key	'0000719581
Document Type	'10-Q
Document Period End Date	30-Jun-14
Amendment Flag	'false
Current Fiscal Year End Date	'--12-31
Is Entity a Well-known Seasoned Issuer?	'No
Is Entity a Voluntary Filer?	'No
Is Entity's Reporting Status Current?	'No
Entity Filer Category	'Smaller Reporting Company
Entity Public Float	$12,000,000
Entity Common Stock, Shares Outstanding	24,000
Document Fiscal Period Focus	'Q2
Document Fiscal Year Focus	'2014

Condensed_Balance_Sheets_Unaud

Condensed Balance Sheets (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
ASSETS:	'	'
Cash & Equivalents	$342,220	$348,465
Property Net	1,750,573	1,735,052
Uncollected Rental Revenue	71,820	55,818
Prepaid Advertising	1,396	1,396
Other Assets	64,395	20,000
TOTAL	2,230,404	2,160,731
LIABILITIES:	'	'
Distribution due to Partners	151,515	151,515
Incentive Management Fee Liability	21,398	32,955
Property Management Fee Liability	9,770	7,739
Deferred Income	55,564	55,277
Accrued Expenses	42,477	58,086
Other Liabilities	17,707	11,692
Total Liabilities	298,431	317,264
PARTNERS' EQUITY:	'	'
General Partners	-88,451	-89,336
Limited Partners	2,020,424	1,932,803
Total Partners' Equity	1,931,973	1,843,467
TOTAL	$2,230,404	$2,160,731

Condensed_Statements_of_Income

Condensed Statements of Income (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
REVENUES:	'	'	'	'
Self-storage rental income	$538,200	$475,652	$1,045,454	$920,215
Ancillary operating revenue	30,145	34,773	55,013	68,803
Interest and other income	0	0	0	0
TOTAL	568,345	510,425	1,100,467	989,018
EXPENSES:	'	'	'	'
Depreciation	2,346	3,147	4,667	6,330
Operating	205,318	228,391	452,813	443,893
General and administrative	67,295	88,019	160,338	164,502
General partners' incentive management fee	21,398	14,154	30,426	25,991
Property management fee	29,091	25,202	55,087	49,673
Total	325,448	358,913	703,331	690,389
NET INCOME	242,897	151,512	397,136	298,629
AGGREGATE INCOME ALLOCATED TO:	'	'	'	'
General partners	2,429	1,515	3,971	2,986
Limited partners	240,468	149,997	393,165	295,643
TOTAL	$242,897	$151,512	$397,136	$298,629
Weighted average limited partnership units outstanding	24,000	24,000	24,000	24,000
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP PER LIMITED PARTNERSHIP UNIT	10.02	6.25	16.38	12.32

Condensed_Statements_of_Partne

Condensed Statements of Partners' Equity (Unaudited) (USD $)	General Partners	Limited Partners	Total
BALANCE, Beginning at Dec. 31, 2013	($89,336)	$1,932,803	$1,843,467
Net Income Allocation	3,971	393,165	397,136
Distributions	3,086	305,544	308,630
BALANCE, Ending at Jun. 30, 2014	($88,451)	$2,020,424	$1,931,973

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income attributable to the Partnership	$397,136	$298,629
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	4,667	6,330
Changes in assets and liabilities:	'	'
Other assets	-60,397	-24,340
Incentive management fee payable to General Partners	-11,557	-5,524
Property management fees payable	2,031	285
Customer deposits and other liabilities	-9,308	-73,445
Net cash provided by operating activities	322,572	201,935
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Additions to property	-20,187	0
Net cash used in investing activities	-20,187	0
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Distributions to partners	-308,630	-308,630
Net cash used in financing activities	-308,630	-308,630
NET INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS	-6,245	-106,695
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	348,465	412,303
CASH AND CASH EQUIVALENTS AT END OF PERIOD	342,220	305,608
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	'	'
Cash paid for interest	0	0
NON CASH INVESTING AND FINANCING ACTIVITIES:	'	'
Distributions due partners included in partners' equity	$151,515	$151,515

General

General	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
General	'
	Registrant, DSI Realty Income Fund VII (the "Partnership") is a publicly-held limited partnership organized under the California Uniform Limited Partnership Act pursuant to a Certificate and Agreement of Limited Partnership (hereinafter referred to as "Agreement") dated August 1, 1983. The General Partners are DSI Properties, Inc., a California corporation, and RJC Capital Management, LLC and JWC Capital Management, LLC.
	DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, the Partnership sold twenty-four thousand (24,000) units of limited partnership interests, aggregating Twelve Million Dollars ($12,000,000). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions), without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future.
	The Partnership owns mini-storage facilities located in Chico, Fairfield, LaVerne, and Riverside, California and Littleton, Colorado. All facilities were purchased from Dahn Corporation ("Dahn"). Dahn is not affiliated with the Partnership. Dahn is affiliated with other partnerships in which DSI Properties, Inc. is a general partner.
	The accompanying unaudited interim financial statements have been prepared by the Partnership's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are considered necessary for a fair presentation of the results for the interim periods presented. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 2013.
	Significant Accounting Policies
	Comprehensive income - The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the six months ended June 30, 2014 and 2013 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of June 30, 2014 and December 31, 2013, accumulated other comprehensive income was $0.
	Fair value of financial instruments - ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. The Partnership considers the carrying amount of cash, accounts receivable, other receivables, accounts payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization.
	Revenue recognition - Revenue is recognized using the accrual method based on contractual amounts provided for in the lease agreements, which approximates recognition on a straight-line basis. The term of the lease agreements is usually less than one year.
	Recent Accounting Pronouncements
	In April 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-07 Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting in order to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. The Partnership does not expect the adoption of the standard update to have a material impact on its financial position or results of operations.
	In February 2013 the FASB issued ASU 2013-04 Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, in order to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. generally accepted accounting principles (GAAP). The amendments in the Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Partnership does not expect the adoption of the standard update to have a material impact on its financial position or results of operations.
	In February 2013, the FASB issued ASU 2013-02 Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income, in order to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this Update seek to attain the objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in the net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirey to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to income or expense in the same reporting period. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The Partnership considers the adoption of the standard update does not impact its financial position or results of operations.
	In July 2013, the FASB has issued ASU No. 2013-11, Income Taxes (Topic 740)-Presentation of an Unrecognized Tax Benefit When a Net Operatiing Loss Carryforward or Tax Credit Carryforward Exists (a consensue of the FASB Emerging Issues Task Force), which finalized Proposed ASU No. EITF-13C, and provides explicit guidance regarding the presentation in the statement of financial position of an unrecognized tax benefit when a net operating loss or tax credit carryforward exists. ASU No. 2013-11 applies prospectively to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. Restrospective application is also permitted. Further, ASU No. 2013-11 is effictive for fiscal years, and interim periods within those years, beginning December 15, 2013. Early adoption is permitted. the Partnership considers the adoption of the standard update will not impact its financial position or results of operations.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
Subsequent Events	'
	Events subsequent to June 30, 2014, have been evaluated through the date these unaudited interim financial statements were issued to determine whether they should be disclosed to keep the unaudited interim financial statements from being misleading. Consequently, management is providing the following information:
	In November of last year we notified you of our intent to seek a current market valuation of the Properties within your Fund. The financial advisor we retained, Bancap, helped us complete this procedure and we have entered into a preliminary purchase and sale agreement with a third party. That third party is currently conducting its due diligence on the properties. We will notify you of the terms and conditions of the transactions, as any sale would require approval by the holders of a majority of the Limited Partnership Units. We anticipate that the due diligence stage will be finalized in August of 2014 and we will communicate further with you regarding the situation prior to year-end.

Properties

Properties	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
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. Property under capital leases is amortized over the lives of the respective leases. The total cost of property and accumulated depreciation at June 30, 2014 and December 31, 2013 were as follows:
		30-Jun-14	31-Dec-13
	Land	$1,714,700	$1,714,700
	Buildings and improvements	6,476,310	6,456,123
	Rental trucks under capital leases	140,093	140,093
	Total	8,331,103	8,310,916
	Less accumulated depreciation	-6,580,530	-6,575,864
	Properties - net	$1,750,573	$1,735,052

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
Related Party Transactions	'
	The Partnership has entered into a management agreement with Dahn to operate its mini-storage facilities. The management agreement provides for a management fee equal to 5% of gross revenue from operations, which is defined as the entire amount of all receipts from the renting or leasing of storage compartments and sale of locks. The management agreement is renewable annually. Dahn earned management fees equal to $55,087 and $49,673, for the six month periods ended June 30, 2014 and 2013, respectively. Amounts payable to Dahn at June 30, 2014 and December 31, 2013 were $9,770 and $7,739, respectively.
	Beginning in July 2011, the General Partner, DSI Properties, Inc. performs all tax related work with respect to the Partnership. These services are paid monthly in the amount of $3,826. Tax fees paid to DSI Properties, Inc. for the six month period ended June 30, 2014 were $22,956.

Allocations_of_Profits_and_Los

Allocations of Profits and Losses	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
Allocations of Profits and Losses	'
	Under the Agreement of Limited Partnership, the general partners are to be allocated 1% of the net profits or losses from operations, and the limited partners are to be allocated the balance of the net profits or losses from operations in proportion to their limited partnership interests. The general partners are also entitled to receive a percentage, based on a predetermined formula, of any cash distribution from the sale, other disposition, or refinancing of the project.
	In addition, the general partners are entitled to receive an incentive management fee for supervising the operations of the Partnership. The fee is to be paid in an amount equal to 9% per annum of the cash available for distribution on a cumulative basis, calculated as cash generated from operations less capital expenditures.

Net_Income_Per_Limited_Partnse

Net Income Per Limited Partnsership Unit	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
Net Income Per Limited Partnsership 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.

General_Policies

General (Policies)	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
Nature of Operations	'
	Registrant, DSI Realty Income Fund VII (the "Partnership") is a publicly-held limited partnership organized under the California Uniform Limited Partnership Act pursuant to a Certificate and Agreement of Limited Partnership (hereinafter referred to as "Agreement") dated August 1, 1983. The General Partners are DSI Properties, Inc., a California corporation, and RJC Capital Management, LLC and JWC Capital Management, LLC.
	DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, the Partnership sold twenty-four thousand (24,000) units of limited partnership interests, aggregating Twelve Million Dollars ($12,000,000). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions), without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future.
	The Partnership owns mini-storage facilities located in Chico, Fairfield, La Verne, and Riverside, California and Littleton, Colorado. All facilities were purchased from Dahn Corporation ("Dahn"). Dahn is not affiliated with the Partnership. Dahn is affiliated with other partnerships in which DSI Properties, Inc. is a general partner.
Comparability to Prior Year Data	'
	The accompanying unaudited interim financial statements have been prepared by the Partnership's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are considered necessary for a fair presentation of the results for the interim periods presented. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 2013.
Comprehensive Income	'
	Comprehensive income - The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the three months ended March 31, 2014 and 2013 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of March 31, 2014 and December 31, 2013, accumulated other comprehensive income was $0.
Fair Value Disclosures	'
	Fair value of financial instruments - ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. The Partnership considers the carrying amount of cash, accounts receivable, other receivables, accounts payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization.
Revenue Recognition	'
	Revenue recognition - Revenue is recognized using the accrual method based on contractual amounts provided for in the lease agreements, which approximates recognition on a straight-line basis. The term of the lease agreements is usually less than one year.

Properties_Tables

Properties (Tables)	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
Summary of Property and Equipment	'
		30-Jun-14	31-Dec-13
	Land	$1,714,700	$1,714,700
	Buildings and improvements	6,476,310	6,456,123
	Rental trucks under capital leases	140,093	140,093
	Total	8,331,103	8,310,916
	Less accumulated depreciation	-6,580,530	-6,575,864
	Properties - net	$1,750,573	$1,735,052

Allocations_of_Profits_and_Los1

Allocations of Profits and Losses (Details Narrative)	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
General Partner Percentage	1.00%
General Partner Incentive Fee	'.09

General_Details_Narrative

General (Details Narrative) (USD $)	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
Public Float	$12,000,000
General Partner Percent Ownership Percentage	1.00%

Related_Party_Transactions_Det

Related Party Transactions (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Notes to Financial Statements	'	'	'	'	'
Management Fee	$29,091	$25,202	$55,087	$49,673	'
Payable To Dahn	9,770	'	9,770	'	7,739
Tax Fee to General Partner	'	'	$22,956	'	'

Properties_Summary_of_Property

Properties - Summary of Property and Equipment (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Properties, net	'	'
Land	$1,714,700	$1,714,700
Buildings and improvements	6,476,310	6,456,123
Rental trucks under capital leases	140,093	140,093
Total	8,331,103	8,310,916
Less accumulated depreciation	6,580,530	6,575,864
Properties - net	$1,750,573	$1,735,052