DSI REALTY INCOME FUND VIII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
MARCH 31, 1998 AND DECEMBER 31, 1997
March 31, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $ 396,696 $ 399,704
PROPERTY 3,269,896 3,387,178
INVESTMENT IN REAL ESTATE
JOINT VENTURE 305,738 313,650
OTHER ASSETS 31,629 31,604
TOTAL $4,003,959 $4,132,136
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 607,683 $ 612,450
PARTNERS' EQUITY:
General Partners (73,818) (72,584)
Limited Partners 3,470,094 3,592,270
Total partners' equity 3,396,276 3,519,686
TOTAL $4,003,959 $4,132,136
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31,
1998 1997
REVENUES:
Rental Income $ 447,309 $ 417,855
Interest 1,836 1,783
Total revenues 449,145 419,638
EXPENSES:
Operating Expenses 254,454 257,103
General and administrative 70,162 64,130
Total expenses 324,616 321,233
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 124,528 98,405
EQUITY IN INCOME OF REAL ESTATE 24,789 20,046
NET INCOME $ 149,317 $ 118,451
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 147,824 $ 117,266
General partners 1,493 1,185
TOTAL $ 149,317 $ 118,451
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.16 $ 4.89
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, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1996 ($ 67,560) $4,089,606 $4,022,046
NET INCOME 1,185 117,266 118,451
DISTRIBUTIONS (2,727) (270,000) (272,727)
EQUITY AT MARCH 31, 1997 ($69,102) $3,936,872 $3,867,770
EQUITY AT DECEMBER 31, 1997 ($72,584) $3,592,270 $3,519,686
NET INCOME 1,493 147,824 149,317
DISTRIBUTIONS (2,727) (270,000) (272,727)
EQUITY AT MARCH 31, 1998 ($73,818) $3,470,094 $3,396,276
See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31,
1998 1997
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 149,317 $118,451
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 117,283 117,283
Distributions in excess
of earnings in
real estate joint venture 7,911 10,852
Changes in assets and
liabilities:
Increase in other assets (25) (27,240)
(Decrease)Increase in liabilities (4,767) 34,267
Net cash provided by
operating activities 269,719 253,613
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (272,727) (272,727)
NET DECREASE IN CASH AND
CASH EQUIVALENTS (3,008) (19,114)
CASH AND CASH EQUIVALENTS:
At beginning of period 399,704 389,413
At end of period $ 396,696 $370,299
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 March 31, 1998, and for
the periods ended March 31, 1998, and 1997 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 March 31, 1998,
is as follows:
Land $ 2,305,310
Buildings and improvements 7,071,497
Equipment 22,831
Total 9,399,638
Less: Accumulated Depreciation ( 6,129,742)
Property - Net $ 3,269,896
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 three months
ended March 31, 1998, and 1997 is as follows:
1998 1997
Revenue $166,906 $156,705
Operating Expenses 84,280 89,885
Net Income $ 82,626 $ 66,820
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.