DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
MARCH 31, 2000 AND DECEMBER 31, 1999
March 31, December 31,
2000 1999
ASSETS
CASH AND CASH EQUIVALENTS $ 534,732 $ 525,003
PROPERTY, NET 2,058,896 2,186,223
OTHER ASSETS 40,699 40,699
TOTAL $2,634,327 $2,751,925
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 576,099 $ 602,064
PARTNERS' EQUITY (DEFICIT):
General Partners (87,186) (86,270)
Limited Partners 2,145,414 2,236,131
Total partners' equity 2,058,228 2,149,861
TOTAL $2,634,327 $2,751,925
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
March 31, March 31,
2000 1999
REVENUES:
Rental Income $ 541,527 $ 550,005
Interest 1,708 1,727
Total revenues 543,235 551,732
EXPENSES:
Operating 327,022 333,765
General and administrative 65,422 65,172
Total expenses 392,444 398,937
NET INCOME $ 150,791 $ 152,795
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 149,283 $ 151,267
General partners 1,508 1,528
TOTAL $ 150,791 $ 152,795
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.22 $ 6.30
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, 2000 AND 1999
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 1999 ($ 81,4177) $2,710,604 $2,629,127
NET INCOME 1,528 151,267 152,795
DISTRIBUTIONS (2,424) (240,000) (242,424)
BALANCE AT MARCH 31, 1999 ($82,373) $2,621,871 $2,539,498
BALANCE AT JANUARY 1, 2000 ($86,270) $2,236,131 $2,149,861
NET INCOME 1,508 149,283 150,791
DISTRIBUTIONS (2,424) (240,000) (242,424)
BALANCE AT MARCH 31, 2000 ($87,186) $2,145,414 $2,058,228
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
March 31, March 31,
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 150,791 $ 152,795
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 127,327 127,328
Changes in assets and
liabilities:
Decrease(increase) in
liabilities (25,965) 7,573
Net cash provided by
operating activities 252,153 287,696
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (242,424) (242,424)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 9,729 45,272
CASH AND CASH EQUIVALENTS:
At beginning of period 525,003 459,100
At end of period $ 534,732 $ 504,372
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, 2000, and for
the periods ended March 31, 2000, and 1999 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, 2000, is as follows:
Land $ 2,089,800
Buildings and equipment 7,680,134
Equipment 60,760
Total 9,830,694
Less: Accumulated Depreciation ( 7,771,798)
Property - Net $ 2,058,896
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.