-----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, KqrZPcY3qET3GksEQaUo7M+UsGYeN6StrssYpDWvcBGl2CF/h5E/1+6zHSbxLH77 camx7pnpUJJlErDIZiQsCw== 0000719581-99-000005.txt : 19990518 0000719581-99-000005.hdr.sgml : 19990518 ACCESSION NUMBER: 0000719581-99-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990517 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: SEC FILE NUMBER: 002-83291 FILM NUMBER: 99624725 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, 1999 /___/ 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 March 31, 1999 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, 1999. 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, 1999. (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, 1999 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, 1999 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, 1999 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, 1999. 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, 1999 and 1998, total revenues increased 5.2% from $524,430 to $551,732 and total expenses increased 6.0% from $376,249 to $398,937. As a result, net income increased 3.1% from $148,181 for the three month period ended March 31, 1998, to $152,795 for the same period in 1999. Occupancy levels for the Partnership's six mini-storage facilities averaged 83.5% for the three month period ended March 31, 1999, and 84.6% for the same period in 1998. Rental revenue increased primarily as a result of higher unit rental rates. The Partnership is continuing its marketing effort to attract and keep new tenants in its various mini-storage facilities. Operating expenses increased approximately $23,900 (7.7%) primarily as a result of increases in repairs and maintenance, real estate tax and salaries and wage expenses. General and administrative expenses remained relatively 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, 1999 AND DECEMBER 31, 1998
March 31, December 31, 1999 1998 ASSETS CASH AND CASH EQUIVALENTS $ 504,372 $ 459,100 PROPERTY, NET 2,544,778 2,672,106 OTHER ASSETS 44,142 44,142 TOTAL $3,093,292 $3,175,348 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $ 553,794 $ 546,221 PARTNERS' EQUITY (DEFICIT): General Partners (82,373) (81,477) Limited Partners 2,621,871 2,710,604 Total partners' equity 2,539,498 2,629,127 TOTAL $3,093,292 $3,175,348 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998 March 31, March 31, 1999 1998 REVENUES: Rental Income $ 550,005 $ 521,724 Interest 1,727 2,706 Total revenues 551,732 524,430 EXPENSES: Operating 333,765 309,913 General and administrative 65,172 66,336 Total expenses 398,937 376,249 NET INCOME $ 152,795 $ 148,181 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 151,267 $ 146,699 General partners 1,528 1,482 TOTAL $ 152,795 $ 148,181 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 6.30 $ 6.11 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 THREE MONTHS ENDED MARCH 31, 1999 AND 1998
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE, JANUARY 1, 1998 ($ 71,568) $3,691,570 $3,620,002 NET INCOME 1,482 146,699 148,181 DISTRIBUTIONS (2,424) (240,000) (242,424) BALANCE, MARCH 31, 1998 ($72,510) $3,598,269 $3,525,759 BALANCE, JANUARY 1, 1999 ($81,477) $2,710,604 $2,629,127 NET INCOME 1,528 151,267 152,795 DISTRIBUTIONS (2,424) (240,000) (242,424) BALANCE, MARCH 31, 1999 ($82,373) $2,621,871 $2,539,498 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
March 31, March 31, 1999 1998 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 152,795 $ 148,181 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 0 (13,777) Increase(decrease) in liabilities 7,573 (15,298) Net cash provided by operating activities 287,696 246,434 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (242,424) (242,424) NET INCREASE IN CASH AND CASH EQUIVALENTS 45,272 4,010 CASH AND CASH EQUIVALENTS: At beginning of period 459,100 500,294 At end of period $ 504,372 $ 504,304 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, 1999, and for the periods ended March 31, 1999, and 1998 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, 1999, is as follows: Land $ 2,089,800 Buildings and equipment 7,662,434 Equipment 55,035 Total 9,807,269 Less: Accumulated Depreciation ( 7,262,491) Property - Net $ 2,544,778
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-31-1999 DEC-31-1999 MAR-31-1999 DEC-31-1999 504372 0 0 0 0 0 0 0 0 0 0 0 9807269 0 7262491 0 3093292 0 0 0 0 0 0 0 0 0 0 0 0 0 3093292 0 550005 0 551732 0 0 0 0 0 0 0 0 0 0 0 152795 0 0 0 152795 0 0 0 0 0 0 0 152795 0 0 0 0 0
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