DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
MARCH 31, 1996 AND DECEMBER 31, 1995
March 31, December 31,
1996 1995
ASSETS
CASH AND CASH EQUIVALENTS $ 416,087 $ 470,517
PROPERTY 4,067,811 4,195,138
OTHER ASSETS 80,145 31,660
TOTAL $4,564,043 $4,697,315
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 564,962 $ 559,608
PARTNERS' EQUITY:
General Partners (67,777) (66,391)
Limited Partners 4,066,857 4,204,098
Total partners' equity 3,999,080 4,137,707
TOTAL $4,564,042 $4,697,315
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
REVENUES:
Rental Income $ 462,690 $ 435,171
Interest 2,666 3,224
Total revenues 465,356 438,395
EXPENSES:
Operating Expenses 298,867 293,530
General and administrative 62,692 56,699
Total expenses 361,559 350,229
NET INCOME $ 103,797 $ 88,166
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 102,759 $ 87,284
General partners 1,038 882
TOTAL $ 103,797 $ 88,166
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 4.28 $ 3.64
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 THREE MONTHS ENDED MARCH 31, 1996 AND 1995
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1994 ($ 61,293) $4,708,784 $4,647,491
NET INCOME 882 87,284 88,166
DISTRIBUTIONS (2,424) (240,000) (242,424)
EQUITY AT MARCH 31, 1995 ($62,835) $4,556,068 $4,493,233
EQUITY AT DECEMBER 31, 1995 ($66,391) $4,204,098 $4,137,707
NET INCOME 1,038 102,759 103,797
DISTRIBUTIONS (2,424) (240,000) (242,424)
EQUITY AT MARCH 31, 1996 ($67,777) $4,066,857 $3,999,080
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 103,797 $ 88,166
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 127,328 127,327
Changes in assets and
liabilities:
Increase in other assets (48,485) (21,207)
Increase(Decrease) in
liabilities: 5,354 48,866
Net cash provided by
operating activities 187,994 243,152
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment 0 (2,976)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (242,424) (242,424)
NET INCREASE IN CASH AND
CASH EQUIVALENTS (54,430) (2,248)
CASH AND CASH EQUIVALENTS:
At beginning of period 470,517 486,497
At end of period $ 416,087 $ 484,249
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 March 31, 1996, and for
the periods ended March 31, 1996, and 1995 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 March 31, 1996, is as follows:
Land $ 2,089,800
Buildings and equipment 7,663,809
Equipment 37,672
Total 9,791,281
Less: Accumulated Depreciation ( 5,723,470)
Property - Net $ 4,067,811
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.