DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 1997 AND DECEMBER 31, 1996
June 30, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $ 398,754 $ 481,301
PROPERTY 3,420,076 3,674,730
OTHER ASSETS 76,285 31,660
TOTAL $3,895,115 $4,187,691
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 577,859 $ 567,689
PARTNERS' EQUITY:
General Partners (74,395) (71,568)
Limited Partners 3,411,651 3,691,570
Total partners' equity 3,337,256 3,620,002
TOTAL $3,895,115 $4,187,691
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $ 488,690 $ 472,577
Interest 2,284 3,238
Total revenues 490,974 475,815
EXPENSES:
Operating Expenses 356,492 314,236
General and administrative 41,901 36,794
Total expenses 398,393 351,030
NET INCOME $ 92,581 $ 124,785
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 91,655 $ 123,537
General partners 926 1,248
TOTAL $ 92,581 $ 124,785
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 3.82 $ 5.15
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, 1997 AND 1996
June 30, June 30,
1997 1997
REVENUES:
Rental Income $ 957,377 $ 935,267
Interest 4,913 5,904
Total revenues 962,290 941,171
EXPENSES:
Operating Expenses 655,862 613,103
General and administrative 104,326 99,486
Total expenses 760,188 712,589
NET INCOME $ 202,102 $ 228,582
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 200,081 $ 226,296
General partners 2,021 2,286
TOTAL $ 202,102 $ 228,582
NET INCOME PER LIMITED
PARTNERSHIP UNIT $8.34 $9.43
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, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
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
EQUITY AT DECEMBER 31, 1996 ($71,568) $3,691,570 $3,620,002
NET INCOME 2,021 200,081 202,102
DISTRIBUTIONS (4,848) (480,000) (484,848)
EQUITY AT JUNE 30, 1997 ($74,395) $3,411,651 $3,337,256
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 202,102 $ 228,582
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 254,654 254,654
Changes in assets and
liabilities:
Increase in other assets (44,625) (47,524)
Decrease in liabilities (9,830) (4,544)
Net cash provided by
operating activities 402,301 431,168
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (484,848) (484,848)
NET DECREASE IN CASH AND
CASH EQUIVALENTS (82,547) (53,680)
CASH AND CASH EQUIVALENTS:
At beginning of period 481,301 470,517
At end of period $ 398,754 $ 416,837
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, 1997, and for
the periods ended June 30, 1997, and 1996, 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, 1997, is as follows:
Land $ 2,089,800
Buildings and equipment 7,662,434
Equipment 39,046
Total 9,791,280
Less: Accumulated Depreciation ( 6,371,204)
Property - Net $ 3,420,076
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.