DSI REALTY INCOME FUND VIII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
MARCH 31, 1996 AND DECEMBER 31, 1995
March 31, December 31,
1996 1995
ASSETS
CASH AND CASH EQUIVALENTS $ 413,884 $ 445,657
PROPERTY 4,220,725 4,318,209
INVESTMENT IN REAL ESTATE
JOINT VENTURE 408,662 417,666
OTHER ASSETS 52,378 64,326
TOTAL $5,095,649 $5,245,858
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 614,680 $ 610,208
PARTNERS' EQUITY:
General Partners (62,971) (61,424)
Limited Partners 4,543,940 4,697,074
Total partners' equity 4,480,969 4,635,650
TOTAL $5,095,649 $5,245,858
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
REVENUES:
Rental Income $ 407,059 $ 416,862
Interest 2,356 3,759
Total revenues 409,415 420,621
EXPENSES:
Operating Expenses 248,645 241,673
General and administrative 65,070 62,896
Total expenses 313,715 304,569
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 95,700 116,052
EQUITY IN INCOME OF REAL ESTATE 22,346 26,090
NET INCOME $ 118,046 $ 142,142
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 116,866 $ 140,721
General partners 1,180 1,421
TOTAL $ 118,046 $ 142,142
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 4.87 $ 5.86
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 THREE MONTHS ENDED MARCH 31, 1996 AND 1995
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1994 ($ 56,080) $5,226,130 $5,170,050
NET INCOME 1,421 140,721 142,142
DISTRIBUTIONS (2,727) (270,000) (272,727)
EQUITY AT MARCH 31, 1995 ($57,386) $5,096,851 $5,039,465
EQUITY AT DECEMBER 31, 1995 ($61,424) $4,697,074 $4,635,650
NET INCOME 1,180 116,866 118,046
DISTRIBUTIONS (2,727) (270,000) (272,727)
EQUITY AT MARCH 31, 1996 ($62,971) $4,543,940 $4,480,969
See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 118,046 $142,142
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 117,283 117,283
Distributions in excess
of earnings in
real estate joint venture 9,004 10,510
Changes in assets and
liabilities:
Decrease in other assets 11,948 86,874
Increase in liabilities 4,472 47,395
Net cash provided by
operating activities 260,753 404,204
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment (19,799) (971)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (272,727) (272,727)
NET INCREASE IN CASH AND
CASH EQUIVALENTS (31,773) 130,506
CASH AND CASH EQUIVALENTS:
At beginning of period 445,657 424,960
At end of period $ 413,884 $555,466
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, 1996, and for
the periods ended March 31, 1996, and 1995 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, 1996,
is as follows:
Land $ 2,305,310
Buildings and improvements 7,071,497
Equipment 22,831
Total 9,399,638
Less: Accumulated Depreciation ( 5,178,913)
Property - Net $ 4,220,725
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, 1996, and 1995 is as follows:
1996 1995
Revenue $155,364 $168,267
Operating Expenses 80,878 81,300
Net Income $ 74,486 $ 86,967
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.