DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 1999 AND DECEMBER 31, 1998
June 30, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $ 526,400 $ 459,100
PROPERTY, Net 2,417,451 2,672,106
OTHER ASSETS 45,259 44,142
TOTAL $2,989,110 $3,175,348
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 522,256 $ 546,221
PARTNERS' EQUITY (DEFICIT):
General Partners (83,099) (81,477)
Limited Partners 2,549,953 2,710,604
Total partners' equity 2,466,854 2,629,127
TOTAL $2,989,110 $3,175,348
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1999 AND 1998
June 30, June 30,
1999 1998
REVENUES:
Rental income $ 556,244 $ 531,898
Interest 1,569 3,619
Total revenues 557,813 535,517
EXPENSES:
Operating 337,950 328,801
General and administrative 50,083 47,718
Total expenses 388,033 376,519
NET INCOME $ 169,780 $ 158,998
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 168,082 $ 157,408
General Partners 1,698 1,590
TOTAL $ 169,780 $ 158,998
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 7.00 $ 6.56
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 SIX MONTHS ENDED JUNE 30, 1999 AND 1998
June 30, June 30,
1999 1998
REVENUES:
Rental income $1,106,249 $1,053,622
Interest 3,296 6,325
Total revenues 1,109,545 1,059,947
EXPENSES:
Operating 671,715 638,714
General and administrative 115,255 117,054
Total expenses 786,970 755,768
NET INCOME $ 322,575 $ 304,179
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 319,349 $ 301,137
General Partners 3,226 3,042
TOTAL $ 322,575 $ 304,179
NET INCOME PER LIMITED
PARTNERSHIP UNIT $13.31 $12.55
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 SIX MONTHS ENDED JUNE 30, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 1998 ($76,105) $3,251,237 $3,175,222
NET INCOME 3,042 301,137 304,179
DISTRIBUTIONS (4,848) (480,000) (484,848)
BALANCE AT JUNE 30, 1998 ($77,821) $3,072,374 $2,994,553
BALANCE AT JANUARY 1, 1999 ($81,477) $2,710,604 $2,629,127
NET INCOME 3,226 319,349 322,575
DISTRIBUTIONS (4,848) (480,000) (484,848)
BALANCE AT JUNE 30, 1999 ($83,099) $2,549,953 $2,466,854
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998
June 30, June 30,
1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 322,575 $ 304,179
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 254,655 254,654
Changes in assets and
liabilities:
Increase in other assets (1,117) (44,582)
Decrease(increase)in liabilities (23,965) 16,565
Net cash provided by
operating activities 552,148 530,816
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (484,848) (484,848)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 67,300 45,968
CASH AND CASH EQUIVALENTS:
At beginning of period 459,100 500,294
At end of period $ 526,400 $ 546,262
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 June 30, 1999, and for
the periods ended June 30, 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 June 30, 1999, is as follows:
Land $ 2,089,800
Buildings and equipment 7,662,434
Equipment 55,035
Total 9,807,269
Less: Accumulated Depreciation ( 7,389,818)
Property - Net $ 2,417,451
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.