DSI REALTY INCOME FUND VIII
(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 $ 352,066 $ 389,413
PROPERTY 3,621,746 3,856,310
INVESTMENT IN REAL ESTATE
JOINT VENTURE 343,756 364,645
OTHER ASSETS 21,684 21,684
TOTAL $4,339,252 $4,632,052
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 616,100 $ 610,006
PARTNERS' EQUITY:
General Partners (70,548) (67,560)
Limited Partners 3,793,700 4,089,606
Total partners' equity 3,723,152 4,022,046
TOTAL $4,339,252 $4,632,052
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 $ 421,223 $ 406,006
Interest 1,609 3,000
Total revenues 422,832 409,006
EXPENSES:
Operating Expenses 276,397 245,044
General and administrative 40,090 38,097
Total expenses 316,487 283,141
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 106,345 125,865
EQUITY IN INCOME OF REAL ESTATE 21,764 20,615
NET INCOME $ 128,109 $ 146,480
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 126,828 $ 145,015
General partners 1,281 1,465
TOTAL $ 128,109 $ 146,480
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 5.28 $ 6.04
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 1996
REVENUES:
Rental Income $ 839,078 $ 813,065
Interest 3,392 5,356
Total Revenues 842,470 818,421
EXPENSES:
Operating Expenses 533,500 493,689
General and Administrative 104,220 103,167
Total Expenses 637,720 596,856
INCOME BEFORE EQUITY IN INCOME OF
REAL ESTATE JOINT VENTURE 204,750 221,565
EQUITY IN INCOME OF REAL
ESTATE FOINT VENTURE 41,810 42,961
NET INCOME $ 246,560 $ 264,526
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 244,094 $ 261,881
General partners 2,466 2,645
TOTAL $ 246,560 $ 264,526
NET INCOME PER LIMITED PARTNERSHIP UNIT $10.17 $10.91
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 ($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
EQUITY AT DECEMBER 31, 1996 ($67,560) $4,089,606 $4,022,046
NET INCOME 2,466 244,094 246,560
DISTRIBUTIONS (5,454) (540,000) (545,454)
EQUITY AT JUNE 30, 1997 ($70,548) $3,793,700 $3,723,152
See accompanying notes to consolidated 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 $ 246,560 $ 264,526
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 20,886 19,589
Changes in assets and
liabilities:
Decrease in other assets 0 27,839
Increase(Decrease)in liabilities 6,094 (5,956)
Net cash provided by
operating activities 508,107 540,565
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment 0 (19,800)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (545,454) (545,454)
NET DECREASE IN CASH AND
CASH EQUIVALENTS (37,347) (24,689)
CASH AND CASH EQUIVALENTS:
At beginning of period 389,413 445,657
At end of period $ 352,066 $420,968
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, 1997, and for
the periods ended June 30, 1997, and 1996 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, 1997,
is as follows:
Land $ 2,305,310
Buildings and improvements 7,071,497
Equipment 22,831
Total 9,399,638
Less: Accumulated Depreciation ( 5,777,892)
Property - Net $ 3,621,746
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 June 30, 1997, and 1996 is as follows:
1997 1996
Revenue $320,774 $315,861
Operating Expenses 181,407 172,659
Net Income $139,367 $143,202
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.