EX-20 3 0003.txt DSI REALTY INCOME FUND VII (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
September 30, December 31, 2000 1999 ASSETS CASH AND CASH EQUIVALENTS $ 718,879 $ 525,003 PROPERTY, Net 1,804,243 2,186,223 OTHER ASSETS 40,699 40,699 TOTAL $2,563,821 $2,751,925 LIABILITIES AND PARTNERS' EQUITY(DEFICIT) LIABILITIES $ 644,301 $ 602,064 PARTNERS' EQUITY (DEFICIT): General Partners (88,573) (86,270) Limited Partners 2,008,093 2,236,131 Total partners' equity 1,919,520 2,149,861 TOTAL $2,563,821 $2,751,925 See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30, 2000 1999 REVENUES: Rental income $ 613,355 $ 549,595 Interest 2,198 1,544 Total revenues 615,553 551,139 EXPENSES: Operating 419,268 333,939 General and administrative 38,516 42,760 Total expenses 457,784 376,699 NET INCOME $ 157,769 $ 174,440 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 156,191 $ 172,696 General partners 1,578 1,744 TOTAL $ 157,769 $ 174,440 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 6.51 $ 7.20 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 NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30, 2000 1999 REVENUES: Rental income $1,739,219 $1,655,844 Interest 5,971 4,840 Total revenues 1,745,190 1,660,684 EXPENSES: Operating 1,088,622 1,055,654 General and administrative 159,637 158,015 Total expenses 1,248,249 1,163,669 NET INCOME $496,931 $497,015 AGGREGATE NET INCOME ALLOCATED TO: Limited partners 491,962 492,045 General partners 4,969 4,970 TOTAL 496,931 497,015 NET INCOME PER LIMITED PARTNERSHIP UNIT $20.50 $20.50 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 NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 ($81,477) $2,710,604 $2,629,127 NET INCOME 4,970 492,045 497,015 DISTRIBUTIONS (7,272) (720,000) (727,272) BALANCE AT SEPTEMBER 30, 1999 ($83,779) $2,482,649 $2,398,870 BALANCE AT JANUARY 1, 2000 ($86,270) $2,236,131 $2,149,861 NET INCOME 4,969 491,962 496,931 DISTRIBUTIONS (7,272) (720,000) (727,272) BALANCE AT SEPTEMBER 30, 2000 ($88,573) $2,008,093 $1,919,520 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 496,931 $ 497,015 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 381,980 381,980 Changes in assets and liabilities: Increase in other assets 0 (1,117) Increase in liabilities: 42,237 21,804 Net cash provided by operating activities 921,148 899,682 CASH FLOWS FROM INVESTING ACTIVITIES - Additions to property and equipment (23,424) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (727,272) (727,272) NET INCREASE IN CASH AND CASH EQUIVALENTS 193,876 148,986 CASH AND CASH EQUIVALENTS: At beginning of period 525,003 459,100 At end of period $ 718,879 $ 608,086 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 September 30, 2000, and for the periods ended September 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 September 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 ( 8,026,451) Property - Net $ 1,804,243
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.