DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
MARCH 31, 1999 AND DECEMBER 31, 1998
March 31, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $ 504,372 $ 459,100
PROPERTY, NET 2,544,778 2,672,106
OTHER ASSETS 44,142 44,142
TOTAL $3,093,292 $3,175,348
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 553,794 $ 546,221
PARTNERS' EQUITY (DEFICIT):
General Partners (82,373) (81,477)
Limited Partners 2,621,871 2,710,604
Total partners' equity 2,539,498 2,629,127
TOTAL $3,093,292 $3,175,348
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
March 31, March 31,
1999 1998
REVENUES:
Rental Income $ 550,005 $ 521,724
Interest 1,727 2,706
Total revenues 551,732 524,430
EXPENSES:
Operating 333,765 309,913
General and administrative 65,172 66,336
Total expenses 398,937 376,249
NET INCOME $ 152,795 $ 148,181
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 151,267 $ 146,699
General partners 1,528 1,482
TOTAL $ 152,795 $ 148,181
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.30 $ 6.11
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 (DEFICIT)(UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE, JANUARY 1, 1998 ($ 71,568) $3,691,570 $3,620,002
NET INCOME 1,482 146,699 148,181
DISTRIBUTIONS (2,424) (240,000) (242,424)
BALANCE, MARCH 31, 1998 ($72,510) $3,598,269 $3,525,759
BALANCE, JANUARY 1, 1999 ($81,477) $2,710,604 $2,629,127
NET INCOME 1,528 151,267 152,795
DISTRIBUTIONS (2,424) (240,000) (242,424)
BALANCE, MARCH 31, 1999 ($82,373) $2,621,871 $2,539,498
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
March 31, March 31,
1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 152,795 $ 148,181
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 0 (13,777)
Increase(decrease) in
liabilities 7,573 (15,298)
Net cash provided by
operating activities 287,696 246,434
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (242,424) (242,424)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 45,272 4,010
CASH AND CASH EQUIVALENTS:
At beginning of period 459,100 500,294
At end of period $ 504,372 $ 504,304
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, 1999, and for
the periods ended March 31, 1999, and 1998 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, 1999, is as follows:
Land $ 2,089,800
Buildings and equipment 7,662,434
Equipment 55,035
Total 9,807,269
Less: Accumulated Depreciation ( 7,262,491)
Property - Net $ 2,544,778
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.