DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 1998 AND DECEMBER 31, 1997
June 30, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $ 546,262 $ 500,294
PROPERTY 2,926,758 3,181,412
OTHER ASSETS 82,242 37,660
TOTAL $3,555,262 $3,719,366
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 560,709 $ 544,144
PARTNERS' EQUITY:
General Partners (77,821) (76,015)
Limited Partners 3,072,374 3,251,237
Total partners' equity 2,994,553 3,175,222
TOTAL $3,555,262 $3,719,366
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1998 1997
REVENUES:
Rental Income $ 531,898 $ 488,690
Interest 3,619 2,284
Total revenues 535,517 490,974
EXPENSES:
Operating Expenses 328,801 356,492
General and administrative 47,718 41,901
Total expenses 376,519 398,393
NET INCOME $ 158,998 $ 92,581
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 157,408 $ 91,655
General partners 1,590 926
TOTAL $ 158,998 $ 92,581
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.56 $ 3.82
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 SIX MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1998 1997
REVENUES:
Rental Income $1,053,622 $ 957,377
Interest 6,325 4,913
Total revenues 1,059,947 962,290
EXPENSES:
Operating Expenses 638,714 655,862
General and administrative 117,054 104,326
Total expenses 755,768 760,188
NET INCOME $ 304,179 $ 202,102
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 301,137 $ 200,081
General partners 3,042 2,021
TOTAL $ 304,179 $ 202,102
NET INCOME PER LIMITED
PARTNERSHIP UNIT $12.55 $8.34
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 SIX MONTHS ENDED JUNE 30, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1996 ($71,568) $3,691,570 $3,620,002
NET INCOME 2,021 200,081 202,102
DISTRIBUTIONS (4,848) (480,000) (484,848)
EQUITY AT JUNE 30, 1997 ($74,395) $3,411,651 $3,337,256
EQUITY AT DECEMBER 31, 1997 ($76,105) $3,251,237 $3,175,222
NET INCOME 3,042 301,137 304,179
DISTRIBUTIONS (4,848) (480,000) (484,848)
EQUITY AT JUNE 30, 1998 ($77,821) $3,072,374 $2,994,553
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1998 1997
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 304,179 $ 202,102
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 254,654 254,654
Changes in assets and
liabilities:
Increase in other assets (44,582) (44,625)
Increase(Decrease)in liabilities 16,565 (9,830)
Net cash provided by
operating activities 530,816 402,301
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (484,848) (484,848)
NET INCREASE(DECREASE)IN CASH AND
CASH EQUIVALENTS 45,968 (82,547)
CASH AND CASH EQUIVALENTS:
At beginning of period 500,294 481,301
At end of period $ 546,262 $ 398,754
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 June 30, 1998, and for
the periods ended June 30, 1998, and 1997, 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 June 30, 1998, is as follows:
Land $ 2,089,800
Buildings and equipment 7,662,434
Equipment 55,058
Total 9,807,292
Less: Accumulated Depreciation ( 6,880,534)
Property - Net $ 2,926,758
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.