DSI REALTY INCOME FUND VIII
(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 $ 524,555 $ 483,308
PROPERTY, NET 2,342,805 2,460,088
INVESTMENT IN REAL ESTATE
JOINT VENTURE 213,833 222,444
OTHER ASSETS 49,728 44,013
TOTAL $3,130,921 $3,209,853
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 599,580 $ 603,707
PARTNERS' EQUITY (DEFICIT):
General Partners (82,469) (81,721)
Limited Partners 2,613,810 2,687,867
Total partners' equity 2,531,341 2,606,146
TOTAL $3,130,921 $3,209,853
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 $ 511,891 $ 487,135
Interest 1,490 1,556
Total revenues 513,381 488,691
EXPENSES:
Operating 276,040 284,245
General and administrative 71,608 66,956
Total expenses 347,648 351,201
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 165,733 137,490
EQUITY IN INCOME OF REAL ESTATE 32,189 25,649
NET INCOME $ 197,922 $ 163,139
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 195,943 $ 161,508
General partners 1,979 1,631
TOTAL $ 197,922 $ 163,139
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 8.16 $ 6.73
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 ($77,150) $3,140,323 $3,063,173
NET INCOME 1,631 161,508 163,139
DISTRIBUTIONS (2,727) (270,000) (272,727)
BALANCE AT MARCH 31, 1999 ($78,246) $3,031,831 $2,953,585
BALANCE AT JANUARY 1, 2000 ($81,721) $2,687,867 $2,606,146
NET INCOME 1,979 195,943 197,922
DISTRIBUTIONS (2,727) (270,000) (272,727)
BALANCE AT MARCH 31, 2000 ($82,469) $2,613,810 $2,531,341
See accompanying notes to consolidated 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 $ 197,922 $163,139
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 (32,189) (25,649)
Distributions from real
estate joint venture 40,800 32,400
Changes in assets and
liabilities:
Increase in other assets (5,715) 0
Decrease(increase)in liabilities (4,127) 37,628
Net cash provided by
operating activities 313,974 324,801
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (272,727) (272,727)
NET INCREASE(DECREASE)IN CASH AND
CASH EQUIVALENTS 41,247 52,074
CASH AND CASH EQUIVALENTS:
At beginning of period 483,308 458,025
At end of period $ 524,555 $510,099
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, 2000, and for
the periods ended March 31, 2000, and 1999 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, 2000,
is as follows:
Land $ 2,287,427
Buildings and improvements 7,100,557
Equipment 22,831
Total 9,410,815
Less: Accumulated Depreciation ( 7,068,010)
Property - Net $ 2,342,805
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, 2000, and 1999 is as follows:
2000 1999
Revenue $199,079 $192,777
Operating Expenses 91,784 107,281
Net Income $107,295 $ 85,496
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.