DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
September 30, December 31,
2000 1999
ASSETS
CASH AND CASH EQUIVALENTS $ 718,879 $ 525,003
PROPERTY, Net 1,804,243 2,186,223
OTHER ASSETS 40,699 40,699
TOTAL $2,563,821 $2,751,925
LIABILITIES AND PARTNERS' EQUITY(DEFICIT)
LIABILITIES $ 644,301 $ 602,064
PARTNERS' EQUITY (DEFICIT):
General Partners (88,573) (86,270)
Limited Partners 2,008,093 2,236,131
Total partners' equity 1,919,520 2,149,861
TOTAL $2,563,821 $2,751,925
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30,
2000 1999
REVENUES:
Rental income $ 613,355 $ 549,595
Interest 2,198 1,544
Total revenues 615,553 551,139
EXPENSES:
Operating 419,268 333,939
General and administrative 38,516 42,760
Total expenses 457,784 376,699
NET INCOME $ 157,769 $ 174,440
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 156,191 $ 172,696
General partners 1,578 1,744
TOTAL $ 157,769 $ 174,440
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.51 $ 7.20
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 24,000 24,000
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30,
2000 1999
REVENUES:
Rental income $1,739,219 $1,655,844
Interest 5,971 4,840
Total revenues 1,745,190 1,660,684
EXPENSES:
Operating 1,088,622 1,055,654
General and administrative 159,637 158,015
Total expenses 1,248,249 1,163,669
NET INCOME $496,931 $497,015
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 491,962 492,045
General partners 4,969 4,970
TOTAL 496,931 497,015
NET INCOME PER LIMITED
PARTNERSHIP UNIT $20.50 $20.50
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 24,000 24,000
See accompanying notes to financial statements (unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 1999 ($81,477) $2,710,604 $2,629,127
NET INCOME 4,970 492,045 497,015
DISTRIBUTIONS (7,272) (720,000) (727,272)
BALANCE AT SEPTEMBER 30, 1999 ($83,779) $2,482,649 $2,398,870
BALANCE AT JANUARY 1, 2000 ($86,270) $2,236,131 $2,149,861
NET INCOME 4,969 491,962 496,931
DISTRIBUTIONS (7,272) (720,000) (727,272)
BALANCE AT SEPTEMBER 30, 2000 ($88,573) $2,008,093 $1,919,520
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30,
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 496,931 $ 497,015
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 381,980 381,980
Changes in assets and
liabilities:
Increase in other assets 0 (1,117)
Increase in liabilities: 42,237 21,804
Net cash provided by
operating activities 921,148 899,682
CASH FLOWS FROM INVESTING ACTIVITIES -
Additions to property and equipment (23,424)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (727,272) (727,272)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 193,876 148,986
CASH AND CASH EQUIVALENTS:
At beginning of period 525,003 459,100
At end of period $ 718,879 $ 608,086
See accompanying notes to financial statements(unaudited).
DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL
DSI Realty Income Fund VII (the "Partnership"), has two general partners
(DSI Properties, Inc., and Diversified Investors Agency) and limited
partners owning 24,000 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, 2000, and for
the periods ended September 30, 2000, and 1999 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 15 years. The total cost of property and
accumulated depreciation at September 30, 2000, is as follows:
Land $ 2,089,800
Buildings and equipment 7,680,134
Equipment 60,760
Total 9,830,694
Less: Accumulated Depreciation ( 8,026,451)
Property - Net $ 1,804,243
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.