DSI REALTY INCOME FUND VIII
(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 $ 624,655 $ 458,025
PROPERTY, Net 2,577,372 2,914,449
INVESTMENT IN REAL ESTATE
JOINT VENTURE 239,493 262,590
OTHER ASSETS 35,101 33,442
TOTAL $3,476,621 $3,668,506
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 669,708 $ 605,333
PARTNERS' EQUITY (DEFICIT):
General Partners (79,712) (77,150)
Limited Partners 2,886,625 3,140,323
Total partners' equity 2,806,913 3,063,173
TOTAL $3,476,621 $3,668,506
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 $ 503,289 $ 477,908
Interest 1,346 2,596
Total revenues 504,635 480,504
EXPENSES:
Operating 276,936 265,825
General and administrative 45,000 41,552
Total expenses 321,936 307,377
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 182,699 173,127
EQUITY IN INCOME OF
REAL ESTATE JOINT VENTURE 32,377 31,688
NET INCOME $ 215,076 $ 204,815
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 212,925 $ 202,767
General partners 2,151 2,048
TOTAL $ 215,076 $ 204,815
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 8.87 $ 8.45
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 $1,469,577 $1,379,910
Gain on sale of land 0 46,974
Interest 4,298 6,655
Total revenues 1,473,875 1,433,539
EXPENSES:
Operating 841,638 784,288
General and administrative 157,918 160,283
Total expenses 999,556 944,571
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 474,319 488,968
EQUITY IN INCOME OF REAL
ESTATE JOINT VENTURE 87,602 83,512
NET INCOME $561,921 $572,480
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 556,302 566,755
General Partners 5,619 5,725
TOTAL 561,921 572,480
NET INCOME PER LIMITED
PARTNERSHIP UNIT $23.18 $23.61
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 ($72,584) $3,592,270 $3,519,686
NET INCOME 5,725 566,755 572,480
DISTRIBUTIONS (8,181) (810,000) (818,181)
EQUITY AT SEPTEMBER 30, 1998 ($75,040) $3,349,025 $3,273,985
BALANCE AT JANUARY 1, 1999 ($77,150) $3,140,323 $3,063,173
NET INCOME 5,619 556,302 561,921
DISTRIBUTIONS (8,181) (810,000) (818,181)
BALANCE AT SEPTEMBER 30, 1999 ($79,712) $2,886,625 $2,806,913
See accompanying notes to consolidated 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 $ 561,921 $572,480
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 351,850 351,850
Gain on sale of land (46,974)
Equity in earnings of
real estate joint venture (87,602) (83,512)
Distributions from
real estate joint venture 110,700 120,900
Changes in assets and
liabilities:
Increase in other assets (1,659) 0
Increase in liabilities 64,375 41,280
Net cash provided by
operating activities 999,585 956,024
CASH FLOWS FROM INVESTING ACTIVITIES -
Proceeds from sale of land 65,000
Additions to property (14,774)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (818,181) (818,181)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 166,630 202,843
CASH AND CASH EQUIVALENTS:
At beginning of period 458,025 399,704
At end of period $ 624,655 $ 602,547
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, 1999, and for
the periods ended September 30, 1999, and 1998 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, 1999,
is as follows:
Land $ 2,287,427
Buildings and improvements 7,100,557
Equipment 22,831
Total 9,410,815
Less: Accumulated Depreciation ( 6,833,443)
Property - Net $ 2,577,372
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
the 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, 1999, and 1998 is as follows:
1999 1998
Revenue $575,192 $536,966
Operating Expenses 283,186 258,593
Net Income $292,006 $278,373
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.