DSI REALTY INCOME FUND VIII
(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 $ 426,436 $ 389,413
PROPERTY 3,504,462 3,856,310
INVESTMENT IN REAL ESTATE
JOINT VENTURE 327,864 364,645
OTHER ASSETS 21,684 21,684
TOTAL $4,280,446 $4,632,052
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 660,174 $ 610,006
PARTNERS' EQUITY:
General Partners (71,577) (67,560)
Limited Partners 3,691,849 4,089,606
Total partners' equity 3,620,272 4,022,046
TOTAL $4,280,446 $4,632,052
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 $ 428,743 $ 407,863
Interest 1,799 2,719
Total revenues 430,542 410,582
EXPENSES:
Operating Expenses 247,659 253,892
General and administrative 37,647 33,965
Total expenses 285,306 287,857
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 145,236 122,725
EQUITY IN INCOME OF REAL ESTATE 24,611 24,134
NET INCOME $ 169,847 $ 146,859
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 168,149 $ 145,390
General partners 1,698 1,469
TOTAL $ 169,847 $ 146,859
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 7.01 $ 6.06
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 $1,267,821 $1,220,928
Interest 5,191 8,075
Total Revenues 1,273,012 1,229,003
EXPENSES:
Operating Expenses 781,159 747,581
General and Administrative 141,867 137,132
Total Expenses 923,026 884,713
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 349,986 344,290
EQUITY IN INCOME OF REAL
ESTATE JOINT VENTURE 66,421 67,095
NET INCOME $416,407 $411,385
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 412,243 407,271
General Partners 4,164 4,114
TOTAL 416,407 411,385
NET INCOME PER LIMITED
PARTNERSHIP UNIT $17.18 $16.97
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 ($61,424) $4,697,074 $4,635,650
NET INCOME 4,114 407,271 411,385
DISTRIBUTIONS (8,181) (810,000) (818,181)
EQUITY AT SEPTEMBER 30, 1996 ($65,491) $4,294,345 $4,228,854
EQUITY AT DECEMBER 31, 1996 ($67,560) $4,089,606 $4,022,046
NET INCOME 4,164 412,243 416,407
DISTRIBUTIONS (8,181) (810,000) (818,181)
EQUITY AT SEPTEMBER 30, 1997 ($71,577) $3,691,849 $3,620,272
See accompanying notes to consolidated 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 $ 416,407 $411,385
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 351,850 351,850
Distributions in excess
of earnings in
real estate joint venture 36,779 33,256
Changes in assets and
liabilities:
Decrease in other assets 0 39,012
Increase in liabilities 50,168 36,063
Net cash provided by
operating activities 855,204 871,566
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment 0 (19,800)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (818,181) (818,181)
NET DECREASE IN CASH AND
CASH EQUIVALENTS 37,023 33,585
CASH AND CASH EQUIVALENTS:
At beginning of period 389,413 445,657
At end of period $ 426,436 $479,242
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 September 30, 1997, and for
the periods ended September 30, 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 September 30, 1997,
is as follows:
Land $ 2,305,310
Buildings and improvements 7,071,497
Equipment 22,831
Total 9,399,638
Less: Accumulated Depreciation ( 5,895,176)
Property - Net $ 3,504,462
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 nine months
ended September 30, 1997, and 1996 is as follows:
1997 1996
Revenue $489,546 $476,294
Operating Expenses 268,143 252,644
Net Income $221,403 $223,650
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.