DSI REALTY INCOME FUND VIII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 1996 AND DECEMBER 31, 1995
June 30, December 31,
1996 1995
ASSETS
CASH AND CASH EQUIVALENTS $ 420,968 $ 445,657
PROPERTY 4,103,441 4,318,209
INVESTMENT IN REAL ESTATE
JOINT VENTURE 398,078 417,666
OTHER ASSETS 36,487 64,326
TOTAL $4,958,974 $5,245,858
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 604,252 $ 610,208
PARTNERS' EQUITY:
General Partners (64,233) (61,424)
Limited Partners 4,418,955 4,697,074
Total partners' equity 4,354,722 4,635,650
TOTAL $4,958,974 $5,245,858
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30,
1996 1995
REVENUES:
Rental Income $ 406,006 $ 396,552
Interest 3,000 3,981
Total revenues 409,006 400,533
EXPENSES:
Operating Expenses 245,044 250,754
General and administrative 38,097 38,979
Total expenses 283,141 289,733
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 125,865 110,800
EQUITY IN INCOME OF REAL ESTATE 20,615 28,385
NET INCOME $ 146,480 $ 139,185
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 145,015 $ 137,793
General partners 1,465 1,392
TOTAL $ 146,480 $ 139,185
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.04 $ 5.74
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, 1996 AND 1995
June 30, June 30,
1996 1995
REVENUES:
Rental Income $813,065 $813,414
Interest 5,356 7,740
Total Revenues 818,421 821,154
EXPENSES:
Operating Expenses 493,689 492,427
General and Administrative 103,167 101,875
Total Expenses 596,856 594,302
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 221,565 226,852
EQUITY IN INCOME OF REAL
ESTATE JOINT VENTURE 42,961 54,475
NET INCOME $264,526 $281,327
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 261,881 278,514
General Partners 2,645 2,813
TOTAL 264,526 281,327
NET INCOME PER LIMITED
PARTNERSHIP UNIT $10.91 $11.60
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 24,000 24,000
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1994 ($ 56,080) $5,226,130 $5,170,050
NET INCOME 2,813 278,514 281,327
DISTRIBUTIONS (5,454) (540,000) (545,454)
EQUITY AT JUNE 30, 1995 ($58,721) $4,964,644 $4,905,923
EQUITY AT DECEMBER 31, 1995 ($61,424) $4,697,074 $4,635,650
NET INCOME 2,645 261,881 264,526
DISTRIBUTIONS (5,454) (540,000) (545,454)
EQUITY AT JUNE 30, 1996 ($64,233) $4,418,955 $4,354,722
See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30,
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 264,526 $281,327
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 234,567 234,567
Distributions in excess
of earnings in
real estate joint venture 19,589 26,225
Changes in assets and
liabilities:
Decrease in other assets 27,839 100,000
(Decrease)Increase in liabilities (5,956) 9,062
Net cash provided by
operating activities 540,565 651,181
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment (19,800) (6,060)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (545,454) (545,454)
NET INCREASE IN CASH AND
CASH EQUIVALENTS (24,689) 99,667
CASH AND CASH EQUIVALENTS:
At beginning of period 445,657 424,960
At end of period $ 420,968 $524,627
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, 1996, and for
the periods ended June 30, 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 June 30, 1996,
is as follows:
Land $ 2,305,310
Buildings and improvements 7,071,497
Equipment 22,831
Total 9,399,638
Less: Accumulated Depreciation ( 5,296,197)
Property - Net $ 4,103,441
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 six months
ended June 30, 1996, and 1995 is as follows:
1996 1995
Revenue $315,861 $348,906
Operating Expenses 172,659 167,323
Net Income $143,202 $181,583
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.