DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1999 AND DECEMBER 31, 1998
September 30, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $ 608,086 $ 459,100
PROPERTY, Net 2,313,550 2,672,106
OTHER ASSETS 45,259 44,142
TOTAL $2,966,895 $3,175,348
LIABILITIES AND PARTNERS' EQUITY(DEFICIT)
LIABILITIES $ 568,025 $ 546,221
PARTNERS' EQUITY (DEFICIT):
General Partners (83,779) (81,477)
Limited Partners 2,482,649 2,710,604
Total partners' equity 2,398,870 2,629,127
TOTAL $2,966,895 $3,175,348
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30,
1999 1998
REVENUES:
Rental income $ 549,595 $ 554,104
Interest 1,544 3,742
Total revenues 551,139 557,846
EXPENSES:
Operating 333,939 350,881
General and administrative 42,760 37,586
Total expenses 376,699 388,467
NET INCOME $ 174,440 $ 169,379
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 172,696 $ 167,685
General partners 1,744 1,694
TOTAL $ 174,440 $ 169,379
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 7.20 $ 6.99
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, 1999 AND 1998
September 30, September 30,
1999 1998
REVENUES:
Rental income $1,655,844 $1,607,726
Interest 4,840 10,067
Total revenues 1,660,684 1,617,793
EXPENSES:
Operating 1,005,654 989,595
General and administrative 158,015 154,640
Total expenses 1,163,669 1,144,235
NET INCOME $497,015 $473,558
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 492,045 468,822
General partners 4,970 4,736
TOTAL 497,015 473,558
NET INCOME PER LIMITED
PARTNERSHIP UNIT $20.50 $19.53
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, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT JANUARY 1, 1998 ($76,015) $3,251,237 $3,175,222
NET INCOME 4,736 468,822 473,558
DISTRIBUTIONS (7,272) (720,000) (727,272)
EQUITY AT SEPTEMBER 30, 1998 ($78,551) $3,000,059 $2,921,508
BALANCE AT JANUARY 1, 1999 ($81,477) $2,710,604 $2,629,127
NET INCOME 4,970 492,045 497,015
DISTRIBUTIONS (7,272) (720,000) (727,272)
BALANCE AT SEPTEMBER 30, 1999 ($83,779) $2,482,649 $2,398,870
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30,
1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 497,015 $ 473,558
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 381,980 381,981
Changes in assets and
liabilities:
Increase in other assets (1,117) (25,092)
Increase in liabilities: 21,804 35,029
Net cash provided by
operating activities 899,682 865,476
CASH FLOWS FROM INVESTING ACTIVITIES -
Additions to property and equipment (23,424) 0
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (727,272) (727,272)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 148,986 138,204
CASH AND CASH EQUIVALENTS:
At beginning of period 459,100 500,294
At end of period $ 608,086 $ 638,498
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, 1999, and for
the periods ended September 30, 1999, and 1998 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, 1999, is as follows:
Land $ 2,089,800
Buildings and equipment 7,680,134
Equipment 60,760
Total 9,830,694
Less: Accumulated Depreciation ( 7,517,144)
Property - Net $ 2,313,550
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.