DSI REALTY INCOME FUND VIII
(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 $ 479,242 $ 445,657
PROPERTY 3,986,158 4,318,209
INVESTMENT IN REAL ESTATE
JOINT VENTURE 384,411 417,666
OTHER ASSETS 25,314 64,326
TOTAL $4,875,125 $5,245,858
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 646,271 $ 610,208
PARTNERS' EQUITY:
General Partners (65,491) (61,424)
Limited Partners 4,294,345 4,697,074
Total partners' equity 4,228,854 4,635,650
TOTAL $4,875,125 $5,245,858
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 $ 407,863 $ 410,758
Interest 2,719 3,917
Total revenues 410,582 414,675
EXPENSES:
Operating Expenses 253,892 268,245
General and administrative 33,965 33,419
Total expenses 287,857 301,664
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 122,725 113,011
EQUITY IN INCOME OF REAL ESTATE 24,134 30,888
NET INCOME $ 146,859 $ 143,899
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 145,390 $ 142,460
General partners 1,469 1,439
TOTAL $ 146,859 $ 143,899
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.06 $ 5.94
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 $1,220,928 $1,224,172
Interest 8,075 11,657
Total Revenues 1,229,003 1,235,829
EXPENSES:
Operating Expenses 747,581 760,672
General and Administrative 137,132 135,294
Total Expenses 884,713 895,966
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 344,290 339,863
EQUITY IN INCOME OF REAL
ESTATE JOINT VENTURE 67,095 85,363
NET INCOME $411,385 $425,226
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 407,271 420,974
General Partners 4,114 4,252
TOTAL 411,385 425,226
NET INCOME PER LIMITED
PARTNERSHIP UNIT $16.97 $17.54
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 24,000 24,000
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1994 ($ 56,080) $5,226,130 $5,170,050
NET INCOME 4,252 420,974 425,226
DISTRIBUTIONS (8,181) (810,000) (818,181)
EQUITY AT SEPTEMBER 30, 1995 ($60,009) $4,837,104 $4,777,095
EQUITY AT DECEMBER 31, 1995 ($61,424) $4,697,074 $4,635,650
NET INCOME 4,114 407,271 411,385
DISTRIBUTIONS (8,181) (810,000) (818,181)
EQUITY AT SEPTEMBER 30, 1996 ($65,491) $4,294,345 $4,228,854
See accompanying notes to consolidated 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 $ 411,385 $425,226
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 351,850 351,850
Distributions in excess
of earnings in
real estate joint venture 33,256 41,537
Changes in assets and
liabilities:
Decrease in other assets 39,012 100,000
Increase in liabilities 36,063 43,444
Net cash provided by
operating activities 871,566 962,057
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment (19,800) (15,175)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (818,181) (818,181)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 33,585 128,701
CASH AND CASH EQUIVALENTS:
At beginning of period 445,657 424,960
At end of period $ 479,242 $553,661
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, 1996, and for
the periods ended September 30, 1996, and 1995 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, 1996,
is as follows:
Land $ 2,305,310
Buildings and improvements 7,071,497
Equipment 22,831
Total 9,399,638
Less: Accumulated Depreciation ( 5,413,480)
Property - Net $ 3,986,158
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
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, 1996, and 1995 is as follows:
1996 1995
Revenue $476,294 $530,834
Operating Expenses 252,644 246,291
Net Income $223,650 $284,543
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.