DSI REALTY INCOME FUND VIII
(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 $ 370,299 $ 389,413
PROPERTY 3,739,029 3,856,310
INVESTMENT IN REAL ESTATE
JOINT VENTURE 353,791 364,645
OTHER ASSETS 48,924 21,684
TOTAL $4,512,043 $4,632,052
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 644,273 $ 610,006
PARTNERS' EQUITY:
General Partners (69,102) (67,560)
Limited Partners 3,936,872 4,089,606
Total partners' equity 3,867,770 4,022,046
TOTAL $4,512,043 $4,632,052
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 $ 417,855 $ 407,059
Interest 1,783 2,356
Total revenues 419,638 409,415
EXPENSES:
Operating Expenses 257,103 248,645
General and administrative 64,130 65,070
Total expenses 321,233 313,715
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 98,405 95,700
EQUITY IN INCOME OF REAL ESTATE 20,046 22,346
NET INCOME $ 118,451 $ 118,046
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 117,266 $ 116,866
General partners 1,185 1,180
TOTAL $ 118,451 $ 118,046
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 4.89 $ 4.87
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 ($61,424) $4,697,074 $4,635,650
NET INCOME 1,180 116,866 118,046
DISTRIBUTIONS (2,727) (270,000) (272,727)
EQUITY AT MARCH 31, 1996 ($62,971) $4,543,940 $4,480,969
EQUITY AT DECEMBER 31, 1996 ($67,560) $4,089,606 $4,022,046
NET INCOME 1,185 117,266 118,451
DISTRIBUTIONS (2,727) (270,000) (272,727)
EQUITY AT MARCH 31, 1997 ($69,102) $3,936,872 $3,867,770
See accompanying notes to consolidated 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 $ 118,451 $118,046
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 117,283 117,283
Distributions in excess
of earnings in
real estate joint venture 10,852 9,004
Changes in assets and
liabilities:
(Increase)Decrease in other assets (27,240) 11,948
Increase in liabilities 34,267 4,472
Net cash provided by
operating activities 253,613 260,753
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment 0 (19,799)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (272,727) (272,727)
NET DECREASE IN CASH AND
CASH EQUIVALENTS (19,114) (31,773)
CASH AND CASH EQUIVALENTS:
At beginning of period 389,413 445,657
At end of period $ 370,299 $413,884
See accompanying notes to financial statements(unaudited).
DSI REALTY INCOME FUND VIII
(A California Real Estate Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL
DSI Realty Income Fund VIII (the "Partnership"), a limited 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 considered necessary by the
Partnership's management for a fair presentation of the results for the
periods indicated.
2. PROPERTY
The Partnership owns five mini-storage facilities located in Stockton,
Pittsburg, El Centro, Lompoc and Huntington Beach, California. The total
cost of property and accumulated depreciation at March 31, 1997,
is as follows:
Land $ 2,305,310
Buildings and improvements 7,071,497
Equipment 22,831
Total 9,399,638
Less: Accumulated Depreciation ( 5,660,609)
Property - Net $ 3,739,029
3. INVESTMENT IN REAL ESTATE JOINT VENTURE
The Partnership is involved in a joint venture with DSI Realty Income
Fund IX through which the Partnership has a 30% interest in a mini-storage
facility in Aurora, Colorado. Under the terms of the joint venture
agreement, the Partnership is entitled to 30% of the profits and losses of
venture and owns 30% of the mini-storage facility as a tenant in common
with DSI Realty Income Fund IX, which has the remaining 70% interest in
the venture. Summarized income statement information for the three months
ended March 31, 1997, and 1996 is as follows:
1997 1996
Revenue $156,705 $155,364
Operating Expenses 89,885 80,878
Net Income $ 66,820 $ 74,486
The Partnership accounts for its investment in the real estate joint
venture under the equity method of accounting.
4. 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.