DSI REALTY INCOME FUND VIII
(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 $ 510,099 $ 458,025
PROPERTY, NET 2,797,165 2,914,449
INVESTMENT IN REAL ESTATE
JOINT VENTURE 255,840 262,590
OTHER ASSETS 33,442 33,442
TOTAL $3,596,546 $3,668,506
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 642,961 $ 605,333
PARTNERS' EQUITY (DEFICIT):
General Partners (78,246) (77,150)
Limited Partners 3,031,831 3,140,323
Total partners' equity 2,953,585 3,063,173
TOTAL $3,596,546 $3,668,506
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 $ 487,135 $ 447,309
Interest 1,556 1,836
Total revenues 488,691 449,145
EXPENSES:
Operating 284,245 254,454
General and administrative 66,956 70,162
Total expenses 351,201 324,616
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 137,490 124,529
EQUITY IN INCOME OF REAL ESTATE 25,649 24,789
NET INCOME $ 163,139 $ 149,318
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 161,508 $ 147,825
General partners 1,631 1,493
TOTAL $ 163,139 $ 149,318
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.73 $ 6.16
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 ($ 72,584) $3,592,270 $3,519,686
NET INCOME 1,493 147,825 149,318
DISTRIBUTIONS (2,727) (270,000) (272,727)
BALANCE, MARCH 31, 1998 ($73,818) $3,470,095 $3,396,277
BALANCE, JANUARY 1, 1999 ($77,150) $3,140,323 $3,063,173
NET INCOME 1,631 161,508 163,139
DISTRIBUTIONS (2,727) (270,000) (272,727)
BALANCE, MARCH 31, 1999 ($78,246) $3,031,831 $2,953,585
See accompanying notes to consolidated 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 $ 163,139 $149,318
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 117,283 117,283
Equity in earnings of real
estate joint venture (25,649) (24,789)
Distributions from real
estate joint venture 32,400 32,699
Changes in assets and
liabilities:
Increase in other assets (25)
Increase(decrease)in liabilities 37,628 (4,767)
Net cash provided by
operating activities 324,801 269,720
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (272,727) (272,727)
NET INCREASE(DECREASE)IN CASH AND
CASH EQUIVALENTS 52,074 (3,007)
CASH AND CASH EQUIVALENTS:
At beginning of period 458,025 399,704
At end of period $ 510,099 $396,697
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, 1999, and for
the periods ended March 31, 1999, and 1998 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, 1999,
is as follows:
Land $ 2,287,427
Buildings and improvements 7,085,783
Equipment 22,831
Total 9,396,041
Less: Accumulated Depreciation ( 6,598,876)
Property - Net $ 2,797,165
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, 1999, and 1998 is as follows:
1999 1998
Revenue $192,777 $166,906
Operating Expenses 107,281 84,280
Net Income $ 85,496 $ 82,626
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.