DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
September 30, December 31,
1996 1995
ASSETS
CASH AND CASH EQUIVALENTS $ 476,701 $ 470,517
PROPERTY 3,813,158 4,195,138
OTHER ASSETS 35,865 31,660
TOTAL $4,325,724 $4,697,315
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 553,408 $ 559,608
PARTNERS' EQUITY:
General Partners (70,044) (66,391)
Limited Partners 3,842,360 4,204,098
Total partners' equity 3,772,316 4,137,707
TOTAL $4,325,724 $4,697,315
See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30,
1996 1995
REVENUES:
Rental Income $ 467,923 $ 474,327
Interest 2,887 2,978
Total revenues 470,810 477,305
EXPENSES:
Operating Expenses 303,830 315,608
General and administrative 33,681 33,969
Total expenses 337,511 349,577
NET INCOME $ 133,299 $ 127,728
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 131,966 $ 126,451
General partners 1,333 1,277
TOTAL $ 133,299 $ 127,728
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 5.50 $ 5.27
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, 1996 AND 1995
September 30, September 30,
1996 1995
REVENUES:
Rental Income $1,403,190 $1,382,826
Interest 8,791 9,320
Total Revenues 1,411,981 1,392,146
EXPENSES:
Operating Expenses 916,933 936,113
General and administrative 133,167 126,978
Total expenses 1,050,100 1,063,091
NET INCOME $361,881 $329,055
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 358,262 325,764
General partners 3,619 3,291
TOTAL 361,881 329,055
NET INCOME PER LIMITED
PARTNERSHIP UNIT $14.93 $13.57
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 24,000 24,000
See accompanying notes to financial statements (unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1994 ($ 61,293) $4,708,784 $4,647,491
NET INCOME 3,291 325,764 329,055
DISTRIBUTIONS (7,272) (720,000) (727,272)
EQUITY AT SEPTEMBER 30, 1995 ($65,274) $4,314,548 $4,249,274
EQUITY AT DECEMBER 31, 1995 ($66,391) $4,204,098 $4,137,707
NET INCOME 3,619 358,262 361,881
DISTRIBUTIONS (7,272) (720,000) (727,272)
EQUITY AT SEPTEMBER 30, 1996 ($70,044) $3,842,360 $3,772,316
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30,
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 361,881 $ 329,055
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 381,980 381,980
Changes in assets and
liabilities:
Increase in other assets (4,205) 0
Increase(Decrease) in
liabilities: (6,200) 27,378
Net cash provided by
operating activities 733,456 738,413
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment 0 (5,519)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (727,272) (727,272)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 6,184 5,622
CASH AND CASH EQUIVALENTS:
At beginning of period 470,517 486,497
At end of period $ 476,701 $ 492,119
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, 1996, and for
the periods ended September 30, 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 September 30, 1996, is as follows:
Land $ 2,089,800
Buildings and equipment 7,663,809
Equipment 37,672
Total 9,791,281
Less: Accumulated Depreciation ( 5,978,123)
Property - Net $ 3,813,158
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.