DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
MARCH 31, 1997 AND DECEMBER 31, 1996
March 31, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $ 437,652 $ 481,301
PROPERTY 3,547,402 3,674,730
OTHER ASSETS 79,777 31,660
TOTAL $4,064,831 $4,187,691
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 577,732 $ 567,689
PARTNERS' EQUITY:
General Partners (72,897) (71,568)
Limited Partners 3,559,996 3,691,570
Total partners' equity 3,487,099 3,620,002
TOTAL $4,064,831 $4,187,691
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
March 31, March 31,
1997 1996
REVENUES:
Rental Income $ 468,687 $ 462,690
Interest 2,629 2,666
Total revenues 471,316 465,356
EXPENSES:
Operating Expenses 299,370 298,867
General and administrative 62,425 62,692
Total expenses 361,795 361,559
NET INCOME $ 109,521 $ 103,797
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 108,426 $ 102,759
General partners 1,095 1,038
TOTAL $ 109,521 $ 103,797
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 4.52 $ 4.28
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 THREE MONTHS ENDED MARCH 31, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1995 ($66,391) $4,204,098 $4,137,707
NET INCOME 1,038 102,759 103,797
DISTRIBUTIONS (2,424) (240,000) (242,424)
EQUITY AT MARCH 31, 1996 ($67,777) $4,066,857 $3,999,080
EQUITY AT DECEMBER 31, 1996 ($71,568) $3,691,570 $3,620,002
NET INCOME 1,095 108,426 109,521
DISTRIBUTIONS (2,424) (240,000) (242,424)
EQUITY AT MARCH 31, 1997 ($72,897) $3,559,996 $3,487,099
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
March 31, March 31,
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 109,521 $ 103,797
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 127,328 127,328
Changes in assets and
liabilities:
Increase in other assets (48,117) (48,485)
Increase in liabilities 10,043 5,354
Net cash provided by
operating activities 198,775 187,994
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (242,424) (242,424)
NET DECREASE IN CASH AND
CASH EQUIVALENTS (43,649) (54,430)
CASH AND CASH EQUIVALENTS:
At beginning of period 481,301 470,517
At end of period $ 437,652 $ 416,087
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 March 31, 1997, and for
the periods ended March 31, 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 15 years. The total cost of property and
accumulated depreciation at March 31, 1997, is as follows:
Land $ 2,089,800
Buildings and equipment 7,662,434
Equipment 39,046
Total 9,791,280
Less: Accumulated Depreciation ( 6,243,878)
Property - Net $ 3,547,402
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.