DSI REALTY INCOME FUND VII
(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 $ 416,837 $ 470,517
PROPERTY 3,940,484 4,195,138
OTHER ASSETS 79,184 31,660
TOTAL $4,436,505 $4,697,315
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 555,064 $ 559,608
PARTNERS' EQUITY:
General Partners (68,953) (66,391)
Limited Partners 3,950,394 4,204,098
Total partners' equity 3,881,441 4,137,707
TOTAL $4,436,505 $4,697,315
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 $ 472,577 $ 473,328
Interest 3,238 3,118
Total revenues 475,815 476,446
EXPENSES:
Operating Expenses 314,236 326,975
General and administrative 36,794 36,310
Total expenses 351,030 363,285
NET INCOME $ 124,785 $ 113,161
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 123,537 $ 112,029
General partners 1,248 1,132
TOTAL $ 124,785 $ 113,161
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 5.15 $ 4.67
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 $935,267 $908,499
Interest 5,904 6,342
Total Revenues 941,171 914,841
EXPENSES:
Operating Expenses 613,103 620,505
General and administrative 99,486 93,009
Total expenses 712,589 713,514
NET INCOME $228,582 $201,327
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 226,296 199,314
General partners 2,286 2,013
TOTAL 228,582 201,327
NET INCOME PER LIMITED
PARTNERSHIP UNIT $9.43 $8.30
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 24,000 24,000
See accompanying notes to financial statements (unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1994 ($ 61,293) $4,708,784 $4,647,491
NET INCOME 2,013 199,314 201,327
DISTRIBUTIONS (4,848) (480,000) (484,848)
EQUITY AT JUNE 30, 1995 ($64,128) $4,428,098 $4,363,970
EQUITY AT DECEMBER 31, 1995 ($66,391) $4,204,098 $4,137,707
NET INCOME 2,286 226,296 228,582
DISTRIBUTIONS (4,848) (480,000) (484,848)
EQUITY AT JUNE 30, 1996 ($68,953) $3,950,394 $3,881,441
See accompanying notes to 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 $ 228,582 $ 201,327
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 254,654 254,653
Changes in assets and
liabilities:
Increase in other assets (47,524) (34,805)
Increase(Decrease) in
liabilities: (4,544) 6,240
Net cash provided by
operating activities 431,168 427,415
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment 0 (5,519)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (484,848) (484,848)
NET INCREASE IN CASH AND
CASH EQUIVALENTS (53,680) (62,952)
CASH AND CASH EQUIVALENTS:
At beginning of period 470,517 486,497
At end of period $ 416,837 $ 423,545
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 June 30, 1996, and for
the periods ended June 30, 1996, and 1995 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 June 30, 1996, is as follows:
Land $ 2,089,800
Buildings and equipment 7,663,809
Equipment 37,672
Total 9,791,281
Less: Accumulated Depreciation ( 5,850,797)
Property - Net $ 3,940,484
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.