DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
September 30, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $ 481,882 $ 481,301
PROPERTY 3,292,749 3,674,730
OTHER ASSETS 51,726 31,660
TOTAL $3,826,357 $4,187,691
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 580,718 $ 567,689
PARTNERS' EQUITY:
General Partners (75,311) (71,568)
Limited Partners 3,320,950 3,691,570
Total partners' equity 3,245,639 3,620,002
TOTAL $3,826,357 $4,187,691
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
REVENUES:
Rental Income $ 498,008 $ 467,923
Interest 2,515 2,887
Total revenues 500,523 470,810
EXPENSES:
Operating Expenses 312,840 303,830
General and administrative 36,876 33,681
Total expenses 349,716 337,511
NET INCOME $ 150,807 $ 133,299
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 149,299 $ 131,966
General partners 1,508 1,333
TOTAL $ 150,807 $ 133,299
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.22 $ 5.50
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, 1997 AND 1996
September 30, September 30,
1997 1996
REVENUES:
Rental Income $1,455,385 $1,403,190
Interest 7,428 8,791
Total Revenues 1,462,813 1,411,981
EXPENSES:
Operating Expenses 968,702 916,933
General and administrative 141,202 133,167
Total expenses 1,109,904 1,050,100
NET INCOME $352,909 $361,881
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 349,380 358,262
General partners 3,529 3,619
TOTAL 352,909 361,881
NET INCOME PER LIMITED
PARTNERSHIP UNIT $14.56 $14.93
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, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1995 ($66,391) $4,204,098 $4,137,707
NET INCOME 3,619 358,262 361,881
DISTRIBUTIONS (7,272) (720,000) (727,272)
EQUITY AT SEPTEMBER 30, 1996 ($70,044) $3,842,360 $3,772,316
EQUITY AT DECEMBER 31, 1996 ($71,568) $3,691,570 $3,620,002
NET INCOME 3,529 349,380 352,909
DISTRIBUTIONS (7,272) (720,000) (727,272)
EQUITY AT SEPTEMBER 30, 1997 ($75,311) $3,320,950 $3,245,639
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 352,909 $ 361,881
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 381,981 381,980
Changes in assets and
liabilities:
Increase in other assets (20,066) (4,205)
Increase(Decrease) in
liabilities: 13,029 (6,200)
Net cash provided by
operating activities 727,853 733,456
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (727,272) (727,272)
NET DECREASE IN CASH AND
CASH EQUIVALENTS 581 6,184
CASH AND CASH EQUIVALENTS:
At beginning of period 481,301 470,517
At end of period $ 481,882 $ 476,701
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, 1997, and for
the periods ended September 30, 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 September 30, 1997, is as follows:
Land $ 2,089,800
Buildings and equipment 7,662,434
Equipment 39,046
Total 9,791,280
Less: Accumulated Depreciation ( 6,498,531)
Property - Net $ 3,292,749
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.