-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AaA9harBmks+3MZ3hFXAEtc99lSeArBNCoFJ9wjVPxvjePTQ8a9OZgMzP2A14DTH 4ogm427/CrDOmWavc7V6fw== /in/edgar/work/20000815/0000318835-00-000004/0000318835-00-000004.txt : 20000922 0000318835-00-000004.hdr.sgml : 20000921 ACCESSION NUMBER: 0000318835-00-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DSI REALTY INCOME FUND VII CENTRAL INDEX KEY: 0000719581 STANDARD INDUSTRIAL CLASSIFICATION: [6500 ] IRS NUMBER: 953871044 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 002-83291 FILM NUMBER: 701768 BUSINESS ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90807 BUSINESS PHONE: 3105957711 MAIL ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90807 10-Q 1 0001.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q /_x_/ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended June 30, 2000 /___/ Transition report pursuant to Section 13 or 15(d) of the Securities Act of 1934 for the transition period from ______________ to ________________. Commission File Number 2-83291 DSI REALTY INCOME FUND VII, A California Limited Partnership (Exact name of registrant as specified in its charter) California_______________________________________95-3871044 (State or other jurisdiction of (I.R.S. Employer incorporation) Identification No.) 6700 E. Pacific Coast Hwy, Long Beach, California 90803 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code-(562)493-8881 _________________________________________________________________ Former name, former address and former fiscal year, if changed since last report. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes _x_. No__. PART I - FINANCIAL INFORMATION Item 1. Financial Statements. The information required by Rule 10-01 of Regulation S-X is included in the Quarterly Report to the Limited Partners of Registrant for the period ended June 30, 2000 which is attached hereto as Exhibit "20" and incorporated herein by this reference. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Registrant incorporates by this reference its Quarterly Report to Limited Partners for the period ended June 30, 2000. PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8K. (a) Attached hereto as Exhibit "20" is Registrant's Quarterly Report to Limited Partners for the period ended June 30, 2000. (B) Registrant did not file any reports on Form 8-K for the period reported upon. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: July 31, 2000 DSI REALTY INCOME FUND VII A California Limited Partnership (Registrant) By____\s\ Robert J. Conway_____ DSI Properties, Inc., as General Partner by ROBERT J. CONWAY, President and Chief Financial Officer SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: July 31, 2000 DSI REALTY INCOME FUND VII A California Limited Partnership (Registrant) By__\s\ Robert J. Conway________ DSI Properties, Inc., as General Partner by ROBERT J. CONWAY, President and Chief Financial Officer EX-20 2 0002.txt July 31, 2000 QUARTERLY REPORT TO THE LIMITED PARTNERS OF DSI REALTY INCOME FUND VII DEAR LIMITED PARTNERS: We are pleased to enclose the Partnership's unaudited financial statements for the period ended June 30, 2000. The following is Management's discussion and analysis of the Partnership's financial condition and results of its operations. For the three month period ended June 30, 2000, and 1999, total revenues increased 5.1% from $557,813 to $586,402 and total expenses increased 2.6% from $388,033 to $398,031. As a result, net income increased 11.0% from $169,780 for the three-month period ended June 30, 1999, to $188,371 for the same period in 2000. Rental revenue increased primarily as a result of higher occupancy and unit rental rates. Occupancy levels for the Partnership's six mini-storage facilities averaged 87.1% for the three-month period ended June 30, 2000 and 85.9% for the same period in 1999. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses increased approximately $4,400 (1.3%) primarily as a result of increases in yellow pages and miscellaneous advertising costs, maintenance and repair and office supplies expenses, partially offset by a decrease in salaries and wages. General and administra- tive expenses increased approximately $5,600 (11.2%) primarily as a result of an increase in legal and professional expense. For the six month periods ended June 30, 2000, and 1999, total revenues increased 1.8% from $1,109,545 to $1,129,637 and total expenses increased 0.4% from $786,970 to $790,475. As a result, net income increased 5.1% from $322,575 for the six months ended June 30, 1999, to $339,162 for the same period in 2000. Rental revenue increased primarily as a result of higher occupancy and unit rental rates. Operating expenses decreases approximately $2,400 (0.4%) primarily due to decreases in miscellaneous advertising, main- tenance and repair and salaries and wages expenses, partially offset by increases in yellow pages advertising costs and office supplies expenses. General and administrative expenses increased approximately $5,900 (5.1%) primarily as a result of increases in legal and professional and equipment and computer lease expenses. The General Partners will continue their policy of funding improvements and maintenance of Partnership properties with cash generated from operations. The Partnership's financial resources appear to be adequate to meet its needs. The General Partners anticipate distributions to the Limited Partners to remain at the current level for the foreseeable future. We are not enclosing a copy of the Partnership Form 10-Q as filed with the Securities and Exchange Commission since all the information set forth therein is contained either in this letter or in the attached financial statements. However, if you wish to receive a copy of said report, please send a written request to DSI Realty Income Fund VII, P.O. Box 357, Long Beach, California 90801. Very truly yours, DSI REALTY INCOME FUND VII By: DSI Properties, Inc., as General Partner By /s/ Robert J. Conway ____________________________ ROBERT J. CONWAY, President EX-20 3 0003.txt DSI REALTY INCOME FUND VII (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) JUNE 30, 2000 AND DECEMBER 31, 2000
June 30, December 31, 2000 1999 ASSETS CASH AND CASH EQUIVALENTS $ 614,014 $ 525,003 PROPERTY, Net 1,931,570 2,186,223 OTHER ASSETS 40,699 40,699 TOTAL $2,586,283 $2,751,925 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $ 582,108 $ 602,064 PARTNERS' EQUITY (DEFICIT): General Partners (87,726) (86,270) Limited Partners 2,091,901 2,236,131 Total partners' equity 2,004,175 2,149,861 TOTAL $2,586,283 $2,751,925 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999 June 30, June 30, 2000 1999 REVENUES: Rental income $ 584,337 $ 556,244 Interest 2,065 1,569 Total revenues 586,402 557,813 EXPENSES: Operating 342,332 337,950 General and administrative 55,699 50,083 Total expenses 398,031 388,033 NET INCOME $ 188,371 $ 169,780 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $ 186,487 $ 168,082 General Partners 1,884 1,698 TOTAL $ 188,371 $ 169,780 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 7.77 $ 7.00 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, 2000 AND 1999 June 30, June 30, 2000 1999 REVENUES: Rental income $1,125,864 $1,106,249 Interest 3,773 3,296 Total revenues 1,129,637 1,109,545 EXPENSES: Operating 669,354 671,715 General and administrative 121,121 115,255 Total expenses 790,475 786,970 NET INCOME $ 339,162 $ 322,575 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $ 335,770 $ 319,349 General Partners 3,392 3,226 TOTAL $ 339,162 $ 322,575 NET INCOME PER LIMITED PARTNERSHIP UNIT $13.99 $13.31 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 (DEFICIT)(UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 ($81,477) $2,710,604 $2,629,127 NET INCOME 3,226 319,349 322,575 DISTRIBUTIONS (4,848) (480,000) (484,848) BALANCE AT JUNE 30, 1999 ($83,099) $2,549,953 $2,466,854 BALANCE AT JANUARY 1, 2000 ($86,270) $2,236,131 $2,149,861 NET INCOME 3,392 335,770 339,162 DISTRIBUTIONS (4,848) (480,000) (484,848) BALANCE AT JUNE 30, 2000 ($87,726) $2,091,901 $2,004,175 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
June 30, June 30, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 339,162 $ 322,575 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 254,653 254,655 Changes in assets and liabilities: Increase in other assets 0 (1,117) Decrease in liabilities (19,956) (23,965) Net cash provided by operating activities 573,859 552,148 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (484,848) (484,848) NET INCREASE IN CASH AND CASH EQUIVALENTS 89,011 67,300 CASH AND CASH EQUIVALENTS: At beginning of period 525,003 459,100 At end of period $ 614,014 $ 526,400 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, 2000, and for the periods ended June 30, 2000, and 1999, 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, 2000, is as follows: Land $ 2,089,800 Buildings and equipment 7,680,134 Equipment 60,760 Total 9,830,694 Less: Accumulated Depreciation ( 7,899,124) Property - Net $ 1,931,570
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. EX-27 4 0004.txt
5 3-MOS YEAR DEC-31-2000 DEC-31-2000 JUN-30-2000 DEC-31-2000 614014 0 0 0 0 0 0 0 0 0 0 0 9830694 0 7899124 0 2586283 0 0 0 0 0 0 0 0 0 0 0 0 0 2286283 0 1125864 0 1129637 0 0 0 0 0 0 0 0 0 0 0 339162 0 0 0 339162 0 0 0 0 0 0 0 339162 0 0 0 0 0
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