-----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, F2aPWig6jUd+OGgmjmXIwrW3oGhNDlN8u/IbT/NB1fcZVcVWquB2EkMS57WYiDzj OVqYV0j7Bes8KUgVmqXxDw== 0000318835-97-000006.txt : 19970514 0000318835-97-000006.hdr.sgml : 19970514 ACCESSION NUMBER: 0000318835-97-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970513 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: DSI REALTY INCOME FUND VII CENTRAL INDEX KEY: 0000719581 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 953871044 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 002-83291 FILM NUMBER: 97601902 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 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 March 31, 1997 /___/ 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.) 3701 Long Beach Boulevard, Long Beach, California 90807 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code-(562)595-7711 _________________________________________________________________ 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 March 31, 1997 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 March 31, 1997. 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 March 31, 1997. (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: April 30, 1997 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: April 30, 1997 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 April 30, 1997 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 March 31, 1997. The following is Management's discussion and analysis of the Partnership's financial condition and results of its operations. For the three month periods ended March 31, 1997 and 1996, total revenues increased 1.3% from $465,356 to $471,316 and total expenses increased slightly from $361,559 to $361,795. As a result, net income increased 5.5% from $103,907 for the three month period ended March 31, 1996, to $109,521 for the same period in 1997. Occupancy levels for the Partnership's six mini-storage facilities averaged 85.7% for the three month periods ended March 31, 1997, and 80.7% for the same period in 1996. Rental revenue increased primarily as a result of higher occupancy levels. The Partnership is continuing its marketing effort to attract and keep new tenants in its various mini-storage facilities. Operating expenses remained constant as increases in yellow pages advertising costs, legal and professional and salaries and wage expenses was offset by lower maintenance and repair costs. General and administrative expenses remained constant. The General Partners will continue their policy of funding the continuing improvement 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 DSI REALTY INCOME FUND VII (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) MARCH 31, 1997 AND DECEMBER 31, 1996
March 31, December 31, 1997 1996 ASSETS CASH AND CASH EQUIVALENTS $ 437,652 $ 481,301 PROPERTY 3,547,402 3,674,730 OTHER ASSETS 79,777 31,660 TOTAL $4,064,831 $4,187,691 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 577,732 $ 567,689 PARTNERS' EQUITY: General Partners (72,897) (71,568) Limited Partners 3,559,996 3,691,570 Total partners' equity 3,487,099 3,620,002 TOTAL $4,064,831 $4,187,691 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996 March 31, March 31, 1997 1996 REVENUES: Rental Income $ 468,687 $ 462,690 Interest 2,629 2,666 Total revenues 471,316 465,356 EXPENSES: Operating Expenses 299,370 298,867 General and administrative 62,425 62,692 Total expenses 361,795 361,559 NET INCOME $ 109,521 $ 103,797 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 108,426 $ 102,759 General partners 1,095 1,038 TOTAL $ 109,521 $ 103,797 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 4.52 $ 4.28 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 MARCH 31, 1997 AND 1996
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1995 ($66,391) $4,204,098 $4,137,707 NET INCOME 1,038 102,759 103,797 DISTRIBUTIONS (2,424) (240,000) (242,424) EQUITY AT MARCH 31, 1996 ($67,777) $4,066,857 $3,999,080 EQUITY AT DECEMBER 31, 1996 ($71,568) $3,691,570 $3,620,002 NET INCOME 1,095 108,426 109,521 DISTRIBUTIONS (2,424) (240,000) (242,424) EQUITY AT MARCH 31, 1997 ($72,897) $3,559,996 $3,487,099 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
March 31, March 31, 1997 1996 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 109,521 $ 103,797 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 127,328 127,328 Changes in assets and liabilities: Increase in other assets (48,117) (48,485) Increase in liabilities 10,043 5,354 Net cash provided by operating activities 198,775 187,994 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (242,424) (242,424) NET DECREASE IN CASH AND CASH EQUIVALENTS (43,649) (54,430) CASH AND CASH EQUIVALENTS: At beginning of period 481,301 470,517 At end of period $ 437,652 $ 416,087 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 March 31, 1997, and for the periods ended March 31, 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 March 31, 1997, is as follows: Land $ 2,089,800 Buildings and equipment 7,662,434 Equipment 39,046 Total 9,791,280 Less: Accumulated Depreciation ( 6,243,878) Property - Net $ 3,547,402
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
5 3-MOS YEAR DEC-31-1997 DEC-31-1997 MAR-31-1997 DEC-31-1997 437652 0 0 0 0 0 0 0 0 0 4064831 0 9791281 0 6243878 0 4064831 0 0 0 0 0 0 0 0 0 0 0 0 0 4064831 0 468687 0 471316 0 0 0 0 0 0 0 0 0 0 0 109521 0 0 0 109521 0 0 0 0 0 0 0 109521 0 0 0 0 0
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