DSI REALTY INCOME FUND VII
(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 $ 504,304 $ 500,294
PROPERTY 3,054,084 3,181,412
OTHER ASSETS 51,437 37,660
TOTAL $3,609,825 $3,719,366
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 528,846 $ 544,144
PARTNERS' EQUITY:
General Partners (76,957) (76,015)
Limited Partners 3,157,936 3,251,237
Total partners' equity 3,080,979 3,175,222
TOTAL $3,609,825 $3,719,366
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 $ 521,724 $ 468,687
Interest 2,706 2,629
Total revenues 524,430 471,316
EXPENSES:
Operating Expenses 309,913 299,370
General and administrative 64,336 62,425
Total expenses 376,249 361,795
NET INCOME $ 148,181 $ 105,521
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 146,699 $ 108,426
General partners 1,482 1,095
TOTAL $ 148,181 $ 109,521
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.11 $ 4.52
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 ($ 71,568) $3,691,570 $3,620,002
NET INCOME 1,095 108,426 109,521
DISTRIBUTIONS (2,424) (240,000) (242,424)
EQUITY AT MARCH 31, 1997 ($72,897) $3,559,996 $3,487,099
EQUITY AT DECEMBER 31, 1997 ($76,015) $3,251,237 $3,175,222
NET INCOME 1,482 146,699 148,181
DISTRIBUTIONS (2,424) (240,000) (242,424)
EQUITY AT MARCH 31, 1998 ($76,957) $3,157,936 $3,080,979
See accompanying notes to 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 $ 148,181 $ 109,521
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 127,328 127,328
Changes in assets and
liabilities:
Increase in other assets (13,777) (48,117)
(Decrease)Increase in
liabilities: (15,298) 10,043
Net cash provided by
operating activities 246,434 198,775
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (242,424) (242,424)
NET INCREASE(DECREASE) IN CASH AND
CASH EQUIVALENTS 4,010 (43,649)
CASH AND CASH EQUIVALENTS:
At beginning of period 500,294 481,301
At end of period $ 504,304 $ 437,652
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, 1998, and for
the periods ended March 31, 1998, and 1997 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, 1998, is as follows:
Land $ 2,089,800
Buildings and equipment 7,662,434
Equipment 55,058
Total 9,807,292
Less: Accumulated Depreciation ( 6,753,208)
Property - Net $ 3,054,084
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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.