DSI REALTY INCOME FUND VIII
(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 $ 516,243 $ 458,025
PROPERTY, Net 2,694,656 2,914,449
INVESTMENT IN REAL ESTATE
JOINT VENTURE 255,115 262,590
OTHER ASSETS 33,513 33,442
TOTAL $3,499,527 $3,668,506
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 634,963 $ 605,333
PARTNERS' EQUITY (DEFICIT):
General Partners (79,136) (77,150)
Limited Partners 2,943,700 3,140,323
Total partners' equity 2,864,564 3,063,173
TOTAL $3,499,527 $3,668,506
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 $ 479,153 $ 454,693
Gain on sale of land 0 46,974
Interest 1,396 2,333
Total revenues 480,549 503,890
EXPENSES:
Operating 280,457 264,009
General and administrative 45,962 48,569
Total expenses 326,419 312,578
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 154,130 191,312
EQUITY IN INCOME OF REAL ESTATE
JOINT VENTURE 29,576 27,035
NET INCOME $ 183,706 $ 218,347
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 181,869 $ 216,164
General Partners 1,837 2,183
TOTAL $ 183,706 $ 218,347
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 7.58 $ 9.01
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 $ 966,288 $ 902,002
Gain on sale of land 0 46,974
Interest 2,952 4,059
Total Revenues 969,240 953,035
EXPENSES:
Operating Expenses 564,702 518,463
General and Administrative 112,918 118,731
Total Expenses 677,620 637,194
INCOME BEFORE EQUITY IN INCOME OF
REAL ESTATE JOINT VENTURE 291,620 315,841
EQUITY IN INCOME OF REAL
ESTATE FOINT VENTURE 55,225 51,824
NET INCOME $ 346,845 $ 367,665
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 343,377 $ 363,988
General Partners 3,468 3,677
TOTAL $ 346,845 $ 367,665
NET INCOME PER LIMITED PARTNERSHIP UNIT $14.31 $15.17
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 SIX MONTHS ENDED JUNE 30, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 1998 ($72,584) $3,592,270 $3,519,686
NET INCOME 3,677 363,988 367,665
DISTRIBUTIONS (5,454) (540,000) (545,454)
BALANCE AT JUNE 30, 1998 ($74,361) $3,416,258 $3,341,897
BALANCE AT JANUARY 1, 1999 ($77,150) $3,140,323 $3,063,173
NET INCOME 3,468 343,377 346,845
DISTRIBUTIONS (5,454) (540,000) (545,454)
BALANCE AT JUNE 30, 1999 ($79,136) $2,943,700 $2,864,564
See accompanying notes to consolidated 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 $ 346,845 $ 367,665
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 234,567 234,566
Gain on sale of land (46,974)
Equity in earnings of
real estate joint venture (55,225) (51,824)
Distributions from real
estate joint venture 62,700 73,800
Changes in assets and
liabilities:
Increase in other assets (71) 0
Increase in liabilities 29,630 101
Net cash provided by
operating activities 618,446 577,334
CASH FLOWS FROM INVESTING ACTIVITIES -
Proceeds from Sale of land 65,000
Additions to property (14,774)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (545,454) (545,454)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 58,218 96,880
CASH AND CASH EQUIVALENTS:
At beginning of period 458,025 399,704
At end of period $ 516,243 $496,584
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 June 30, 1999, and for
the periods ended June 30, 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 June 30, 1999,
is as follows:
Land $ 2,287,427
Buildings and improvements 7,100,557
Equipment 22,831
Total 9,410,815
Less: Accumulated Depreciation ( 6,716,159)
Property - Net $ 2,694,656
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
the 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 six months
ended June 30, 1999, and 1998 is as follows:
1999 1998
Revenue $381,321 $345,427
Operating Expenses 197,236 172,681
Net Income $184,085 $172,746
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.