-----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, WwrY7KHgHKcPtIRUpmMCa9LlvAG5DBDc5KcYOho7m6Xe73c7mX0ptSXly6E4AUP4 3yLxV4Q08z7eVa/u5cf75A== 0000719581-96-000011.txt : 19961115 0000719581-96-000011.hdr.sgml : 19961115 ACCESSION NUMBER: 0000719581-96-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 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: 96662457 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 September 30, 1996 /___/ 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-(310)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 September 30, 1996 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 September 30, 1996. 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 September 30, 1996. (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: October 31, 1996 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: October 31, 1996 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 October 31, 1996 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 September 30, 1996. 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 September 30, 1996 and 1995, total revenues decreased 1.4% from $477,305 to $470,810 and total expenses decreased 3.5% from $349,577 to $337,511. As a result, net income increased 4.4% from $127,728 for the three month period ended September 30, 1995, to $133,299 for the same period in 1996. Occupancy levels for the Partnership's six mini-storage facilities averaged 86.7% for the three month period ended September 30, 1996, and 85.4% for the same period in 1995. Rental revenue decreased slightly as unit rental rates were lowered in the current period in order to remain competitive. The Partnership is continuing its marketing effort to attract and keep new tenants in its various mini-storage facilities. Operating expenses decreased approximately $12,700 (3.7%) as a result of decreases in yellow pages advertising and maintenance and repair expenses. General and administrative expenses remained constant. For the nine month periods ended September 30, 1996, and 1995 total revenues increased 1.4% from $1,392,146 to $1,411,981 and total expenses decreased 1.2% from $1,063,091 to $1,050,100. As a result, net income increased 10% from $329,055 for the nine months ended September 30, 1995, to $361,881 for the same period in 1996. Rental revenue increased as a result of higher unit rental rates during the first six months of the period. Operating expenses decreased approximately $10,200 (2.1%) primarily as a result of decreases in yellow page advertising costs and office expenses partially offset by increases in real estate expense. General and administrative expenses increased approximately $6,200 (4.9%) primarily as a result of higher management incentive fees, which are based on cash available for distribution. 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 DSI REALTY INCOME FUND VII (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
September 30, December 31, 1996 1995 ASSETS CASH AND CASH EQUIVALENTS $ 476,701 $ 470,517 PROPERTY 3,813,158 4,195,138 OTHER ASSETS 35,865 31,660 TOTAL $4,325,724 $4,697,315 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 553,408 $ 559,608 PARTNERS' EQUITY: General Partners (70,044) (66,391) Limited Partners 3,842,360 4,204,098 Total partners' equity 3,772,316 4,137,707 TOTAL $4,325,724 $4,697,315 See accompanying notes to financial statements (unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30, 1996 1995 REVENUES: Rental Income $ 467,923 $ 474,327 Interest 2,887 2,978 Total revenues 470,810 477,305 EXPENSES: Operating Expenses 303,830 315,608 General and administrative 33,681 33,969 Total expenses 337,511 349,577 NET INCOME $ 133,299 $ 127,728 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 131,966 $ 126,451 General partners 1,333 1,277 TOTAL $ 133,299 $ 127,728 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 5.50 $ 5.27 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, 1996 AND 1995
September 30, September 30, 1996 1995 REVENUES: Rental Income $1,403,190 $1,382,826 Interest 8,791 9,320 Total Revenues 1,411,981 1,392,146 EXPENSES: Operating Expenses 916,933 936,113 General and administrative 133,167 126,978 Total expenses 1,050,100 1,063,091 NET INCOME $361,881 $329,055 AGGREGATE NET INCOME ALLOCATED TO: Limited partners 358,262 325,764 General partners 3,619 3,291 TOTAL 361,881 329,055 NET INCOME PER LIMITED PARTNERSHIP UNIT $14.93 $13.57 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 24,000 24,000 See accompanying notes to financial statements (unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1994 ($ 61,293) $4,708,784 $4,647,491 NET INCOME 3,291 325,764 329,055 DISTRIBUTIONS (7,272) (720,000) (727,272) EQUITY AT SEPTEMBER 30, 1995 ($65,274) $4,314,548 $4,249,274 EQUITY AT DECEMBER 31, 1995 ($66,391) $4,204,098 $4,137,707 NET INCOME 3,619 358,262 361,881 DISTRIBUTIONS (7,272) (720,000) (727,272) EQUITY AT SEPTEMBER 30, 1996 ($70,044) $3,842,360 $3,772,316 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30, 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 361,881 $ 329,055 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 (4,205) 0 Increase(Decrease) in liabilities: (6,200) 27,378 Net cash provided by operating activities 733,456 738,413 CASH FLOWS FROM INVESTING ACTIVITIES - Purchase of property and equipment 0 (5,519) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (727,272) (727,272) NET INCREASE IN CASH AND CASH EQUIVALENTS 6,184 5,622 CASH AND CASH EQUIVALENTS: At beginning of period 470,517 486,497 At end of period $ 476,701 $ 492,119 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, 1996, and for the periods ended September 30, 1996, and 1995 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, 1996, is as follows: Land $ 2,089,800 Buildings and equipment 7,663,809 Equipment 37,672 Total 9,791,281 Less: Accumulated Depreciation ( 5,978,123) Property - Net $ 3,813,158
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-31-1996 DEC-31-1996 SEP-30-1996 DEC-31-1996 476701 0 0 0 0 0 0 0 0 0 0 0 9791281 0 5978123 0 4325724 0 0 0 0 0 0 0 0 0 0 0 0 0 4325724 0 1403190 0 1411981 0 0 0 0 0 0 0 0 0 0 0 361881 0 0 0 361881 0 0 0 0 0 0 0 361881 0 0 0 0 0
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