0000719581-14-000027.txt : 20141120 0000719581-14-000027.hdr.sgml : 20141120 20141119191155 ACCESSION NUMBER: 0000719581-14-000027 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20140930 FILED AS OF DATE: 20141120 DATE AS OF CHANGE: 20141119 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 002-83291 FILM NUMBER: 141237126 BUSINESS ADDRESS: STREET 1: 6700 E. PACIFIC COAST HWY STREET 2: SUITE 150 CITY: LONG BEACH STATE: CA ZIP: 90803 BUSINESS PHONE: 562-493-8881 MAIL ADDRESS: STREET 1: PO BOX 357 CITY: LONG BEACH STATE: CA ZIP: 90801 10-Q/A 1 dsi00710qaq32014.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Amendment No. 1 to

FORM 10-Q

[x] Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities and Exchange Act of 1934

For the quarterly period ended September 30, 2014

[ ] Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ________________ to _______________

Commission File No. 2-83291.


DSI REALTY INCOME FUND VII

a California Limited Partnership

California   95-3871044
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)

6700 E. Pacific Coast Hwy., Long Beach, California 90803

(Address of principal executive offices)

Registrant’s telephone number, including area code (562) 493-8881

 

Indicate by check mark whether the issuer (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 [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

The issuer is a limited partnership. All 23,753 limited partnership units originally sold for $500.00 per unit. There is no trading market for the limited partnership units.

 

EXPLANATORY NOTE

 

The sole purpose of this amendment to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2014, originally filed with the Securities and Exchange Commission on November 14, 2014 (the “Original Form 10-Q”), is to furnish the exhibits required by Item 601(b)(101) (Interactive Data File) of Regulation S-K.

No other changes have been made to the Original Form 10-Q and the Original Form 10-Q has not been updated to reflect events occurring subsequent to the original filing date.

 

ITEM 6. Exhibits

(a) Exhibits

31.1 Rule 13a-14(a)/15d-14(a) Certification: Principal Executive Officer
31.2 Rule 13a-14(a)/15d-14(a) Certification: Principal Financial Officer
32.1 Section 1350 Certification: Principal Executive Officer
32.2 Section 1350 Certification: Principal Financial Officer
101.INS XBRL Instance Document*
101.SCH XBRL Taxonomy Extension Schema Document*
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB XBRL Taxonomy Extension Label Linkbase Document*
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document*

 

*Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

DSI REALTY INCOME FUND VII,
a California Limited Partnership
by: DSI Properties, Inc., a California Corporation, as General Partner

 

By: /s/ ROBERT J. CONWAY
Dated: November 19, 2014
ROBERT J. CONWAY, President
(Chief Executive Officer and Director)


By: /s/ RICHARD P. CONWAY
Dated: November 19, 2014
RICHARD P. CONWAY, Executive Vice President
(Chief Financial Officer and Director)

 

 

 

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text-decoration: underline; text-underline-style: double; text-align: right">$ 1,748,341</td> <td style="padding: 5.25pt; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$1,735,052</td></tr> </table> <p></p> <p style="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Tahoma, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 50%; padding: 5.25pt">&#160;</td> <td style="width: 25%; padding: 5.25pt; font-weight: bold; text-align: right">September 30, 2014</td> <td style="width: 25%; padding: 5.25pt; font-weight: bold; text-align: right">December 31, 2013</td></tr> <tr style="vertical-align: top"> <td style="padding: 5.25pt">Land</td> <td style="padding: 5.25pt; text-align: right">$ 1,714,700</td> <td style="padding: 5.25pt; text-align: right">$ 1,714,700</td></tr> <tr style="vertical-align: top"> <td style="padding: 5.25pt">Buildings and improvements</td> <td style="padding: 5.25pt; 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The general partners are also entitled to receive a percentage, based on a predetermined formula, of any cash distribution from the sale, other disposition, or refinancing of the project.</p> <p style="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">In addition, the general partners are entitled to receive an incentive management fee for supervising the operations of the Partnership. The fee is to be paid in an amount equal to 9% per annum of the cash available for distribution on a cumulative basis, calculated as cash generated from operations less capital expenditures.</p> <p style="margin: 0; font: x-small Arial, Helvetica, Sans-Serif"></p> .01 .09 <p style="margin: 0"></p> <p style="font: 10pt Tahoma, Halvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0"></p> <p style="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">The Partnership has entered into a management agreement with Dahn to operate its mini-storage facilities. The management agreement provides for a management fee equal to 5% of gross revenue from operations, which is defined as the entire amount of all receipts from the renting or leasing of storage compartments and sale of locks. The management agreement is renewable annually. Dahn earned management fees<b> </b>equal to <font style="color: windowtext">$85,023</font><font style="color: red"> </font><font style="color: windowtext">and $76,118</font>, for the nine month periods ended September 30, 2014 and 2013, respectively.<b> </b>Amounts payable to Dahn at September 30, 2014 and December 31, 2013 were $9,914 and $7,739, respectively.</p> <p style="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">&#160;</p> <p style="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">Beginning in July 2011, the General Partner, DSI Properties, Inc. performs all tax related work with respect to the Partnership. These services are paid monthly in the amount of $3,826. 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Related Party Transactions
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Related Party Transactions

The Partnership has entered into a management agreement with Dahn to operate its mini-storage facilities. The management agreement provides for a management fee equal to 5% of gross revenue from operations, which is defined as the entire amount of all receipts from the renting or leasing of storage compartments and sale of locks. The management agreement is renewable annually. Dahn earned management fees equal to $85,023 and $76,118, for the nine month periods ended September 30, 2014 and 2013, respectively. Amounts payable to Dahn at September 30, 2014 and December 31, 2013 were $9,914 and $7,739, respectively.

 

Beginning in July 2011, the General Partner, DSI Properties, Inc. performs all tax related work with respect to the Partnership. These services are paid monthly in the amount of $3,826. Tax fees paid to DSI Properties, Inc. for the nine month period ended September 30, 2014 were $34,434.

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M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA3X-"CPO:'1M;#X-"@T*+2TM+2TM/5]. M97AT4&%R=%]A9&(U8V%C9%]C-#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO"!&964@=&\@1V5N97)A;"!087)T;F5R/"]T9#X-"B`@("`@("`@/'1D M(&-L87-S/3-$;G5M<#XD(#,L.#(V/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^)SQS<&%N/CPO3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A9&(U8V%C9%]C-#'0O:'1M M;#L@8VAA'0^)SQS<&%N/CPO7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\>&UL('AM;&YS M.F\],T0B=7)N.G-C:&5M87,M;6EC'1087)T7V%D8C5C86-D7V,T-SA?-&4X.5\X8S4P7S(U ..-V$S-69B,S XML 12 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Properties
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
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 20 years. Property under capital leases is amortized over the lives of the respective leases. The total cost of property and accumulated depreciation at September 30, 2014 and December 31, 2013 were as follows:

  September 30, 2014 December 31, 2013
Land $ 1,714,700 $ 1,714,700
Buildings and improvements 6,476,310 6,456,123
Rental trucks under capital leases 140,093 140,093
Total 8,331,103 8,310,916
Less accumulated depreciation (6,582,762) (6,575,864)
Properties - net $ 1,748,341 $1,735,052

XML 13 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Balance Sheets (Unaudited) (USD $)
Sep. 30, 2014
Dec. 31, 2013
ASSETS:    
Cash & Equivalents $ 450,928 $ 348,465
Property Net 1,748,341 1,735,052
Uncollected Rental Revenue 57,059 55,818
Prepaid Advertising 697 1,396
Other Assets 27,432 20,000
TOTAL 2,284,457 2,160,731
LIABILITIES:    
Distribution due to Partners 151,515 151,515
Incentive Management Fee Liability 26,105 32,955
Property Management Fee Liability 9,914 7,739
Deferred Income 46,977 55,277
Accrued Expenses 49,859 58,086
Other Liabilities 29,876 11,692
Total Liabilities 314,246 317,264
PARTNERS' EQUITY:    
General Partners (88,068) (89,336)
Limited Partners 2,058,279 1,932,803
Total Partners' Equity 1,970,211 1,843,467
TOTAL $ 2,284,457 $ 2,160,731
XML 14 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
General
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
General

Registrant, DSI Realty Income Fund VII (the "Partnership") is a publicly-held limited partnership organized under the California Uniform Limited Partnership Act pursuant to a Certificate and Agreement of Limited Partnership (hereinafter referred to as "Agreement") dated August 1, 1983. The General Partners are DSI Properties, Inc., a California corporation, and RJC Capital Management, LLC and JWC Capital Management, LLC.

DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, the Partnership sold twenty-four thousand (24,000) units of limited partnership interests, aggregating Twelve Million Dollars ($12,000,000). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions), without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future.

The Partnership owns mini-storage facilities located in Chico, Fairfield, LaVerne, and Riverside, California and Littleton, Colorado. All facilities were purchased from Dahn Corporation ("Dahn"). Dahn is not affiliated with the Partnership. Dahn is affiliated with other partnerships in which DSI Properties, Inc. is a general partner.

 

The accompanying unaudited interim financial statements have been prepared by the Partnership's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are considered necessary for a fair presentation of the results for the interim periods presented. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 2013.


Significant Accounting Policies

 

Comprehensive income - The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the nine months ended September 30, 2014 and 2013 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of September 30, 2014 and December 31, 2013, accumulated other comprehensive income was $0.

 

Fair value of financial instruments - ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. The Partnership considers the carrying amount of cash, accounts receivable, other receivables, accounts payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization.

 

Revenue recognition - Revenue is recognized using the accrual method based on contractual amounts provided for in the lease agreements, which approximates recognition on a straight-line basis. The term of the lease agreements is usually less than one year.

 

Recent Accounting Pronouncements

 

In February 2014 the FASB issued ASU 2014-04 Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, in order to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. generally accepted accounting principles (GAAP). The amendments in the Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. The Partnership does not expect the adoption of the standard update to have a material impact on its financial position or results of operations.

 

In February 2014, the FASB issued ASU 2014-02 Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income, in order to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this Update seek to attain the objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in the net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to income or expense in the same reporting period. The amendments are effective prospectively for reporting periods beginning after December 15, 2013. The Partnership considers the adoption of the standard update does not impact its financial position or results of operations.

 

In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-07 Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting, in order to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments are effective for entities that determine liquidation imminent during annual reporting periods beginning after December 15, 2014, and interim reporting periods therein. The Partnership does not expect the adoption of the the standard update to have a material impact on its financial position or results of operations.

 

In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The adoption of this guidance is not expected to have a material impact on its financial statements.

 

In July 2014, the FASB has issued ASU No. 2014-11, Income Taxes (Topic 740)-Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward or Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force), which finalized Proposed ASU No. EITF-13C, and provides explicit guidance regarding the presentation in the statement of financial position of an unrecognized tax benefit when a net operating loss or tax credit carryforward exists. ASU No. 2014-11 applies prospectively to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. Retrospective application is also permitted. Further, ASU No. 2014-11 is effective for fiscal years, and interim periods within those years, beginning December 15, 2014. Early adoption is permitted. the Partnership considers the adoption of the standard update will not impact its financial position or results of operations.

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Subsequent Events
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Subsequent Events

Events subsequent to September 30, 2014, have been evaluated through the date these unaudited interim financial statements were issued to determine whether they should be disclosed to keep the unaudited interim financial statements from being misleading. Consequently, management is providing the following information:

 

In November of 2013 we notified you of our intent to seek a current market valuation of the Properties within your Fund. The financial advisor we retained, Bancap, helped us complete this procedure and we have entered into a preliminary purchase and sale agreement with a third party. That third party concluded its due diligence on the properties. We have filed preliminary proxy material with SEC and are currently awaiting final comments. Once final comments are received, a definitive proxy including the terms and conditions of the transactions will be filed and mailed to the Limited Partners. Any sale would require approval by the holders of a majority or the Limited Partnership Units.

XML 17 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Statements of Income (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
REVENUES:        
Self-storage rental income $ 559,572 $ 483,573 $ 1,605,026 $ 1,403,788
Ancillary operating revenue 30,237 36,887 85,250 105,690
TOTAL 589,809 520,460 1,690,276 1,509,478
EXPENSES:        
Depreciation 2,231 3,256 6,898 9,586
Operating 245,553 231,547 698,366 675,740
General and administrative 96,231 74,101 256,569 238,603
General partners' incentive management fee 26,105 17,703 56,531 43,694
Property management fee 29,936 26,745 85,023 76,118
Total 400,056 353,352 1,103,387 1,043,741
NET INCOME 189,753 167,108 586,889 465,737
AGGREGATE INCOME ALLOCATED TO:        
General partners 1,898 1,671 5,869 4,657
Limited partners 187,855 165,437 581,020 461,080
TOTAL $ 189,753 $ 167,108 $ 586,889 $ 465,737
Weighted average limited partnership units outstanding 24,000 24,000 24,000 24,000
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP PER LIMITED PARTNERSHIP UNIT 7.83 6.89 24.21 19.21
XML 18 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Properties - Summary of Property and Equipment (Details) (USD $)
Sep. 30, 2014
Dec. 31, 2013
Properties, net    
Land $ 1,714,700 $ 1,714,700
Buildings and improvements 6,476,310 6,456,123
Rental trucks under capital leases 140,093 140,093
Total 8,331,103 8,310,916
Less accumulated depreciation 6,582,762 6,575,864
Properties - net $ 1,748,341 $ 1,735,052
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Document and Entity Information (USD $)
9 Months Ended
Sep. 30, 2014
Document And Entity Information  
Entity Registrant Name DSI Realty Income Fund VII
Entity Central Index Key 0000719581
Document Type 10-Q
Document Period End Date Sep. 30, 2014
Amendment Flag false
Current Fiscal Year End Date --12-31
Is Entity a Well-known Seasoned Issuer? No
Is Entity a Voluntary Filer? No
Is Entity's Reporting Status Current? No
Entity Filer Category Smaller Reporting Company
Entity Public Float $ 12,000,000
Entity Common Stock, Shares Outstanding 24,000
Document Fiscal Period Focus Q3
Document Fiscal Year Focus 2014
XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Statements of Partners' Equity (Unaudited) (USD $)
General Partners
Limited Partners
Total
BALANCE, Beginning at Dec. 31, 2013 $ (89,336) $ 1,932,803 $ 1,843,467
Net Income Allocation 5,869 581,020 586,889
Distributions 4,601 455,544  
BALANCE, Ending at Sep. 30, 2014 $ (88,068) $ 2,058,279 $ 1,970,211
XML 22 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
General (Policies)
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Nature of Operations

Registrant, DSI Realty Income Fund VII (the "Partnership") is a publicly-held limited partnership organized under the California Uniform Limited Partnership Act pursuant to a Certificate and Agreement of Limited Partnership (hereinafter referred to as "Agreement") dated August 1, 1983. The General Partners are DSI Properties, Inc., a California corporation, and RJC Capital Management, LLC and JWC Capital Management, LLC.

DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, the Partnership sold twenty-four thousand (24,000) units of limited partnership interests, aggregating Twelve Million Dollars ($12,000,000). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions), without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future.

The Partnership owns mini-storage facilities located in Chico, Fairfield, La Verne, and Riverside, California and Littleton, Colorado. All facilities were purchased from Dahn Corporation ("Dahn"). Dahn is not affiliated with the Partnership. Dahn is affiliated with other partnerships in which DSI Properties, Inc. is a general partner.

Comparability to Prior Year Data

The accompanying unaudited interim financial statements have been prepared by the Partnership's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are considered necessary for a fair presentation of the results for the interim periods presented. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 2013.

Comprehensive Income

Comprehensive income - The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the nine months ended September 31, 2014 and 2013 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of September 31, 2014 and December 31, 2013, accumulated other comprehensive income was $0.

Fair Value Disclosures

Fair value of financial instruments - ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. The Partnership considers the carrying amount of cash, accounts receivable, other receivables, accounts payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization.

 

Revenue Recognition

Revenue recognition - Revenue is recognized using the accrual method based on contractual amounts provided for in the lease agreements, which approximates recognition on a straight-line basis. The term of the lease agreements is usually less than one year.

XML 23 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Net Income Per Limited Partnsership Unit
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Net Income Per Limited Partnsership 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.

 

XML 24 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
General (Details Narrative) (USD $)
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Public Float $ 12,000,000
General Partner Percent Ownership Percentage 1.00%
XML 25 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Properties (Tables)
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Summary of Property and Equipment
  September 30, 2014 December 31, 2013
Land $ 1,714,700 $ 1,714,700
Buildings and improvements 6,476,310 6,456,123
Rental trucks under capital leases 140,093 140,093
Total 8,331,103 8,310,916
Less accumulated depreciation (6,582,762) (6,575,864)
Properties - net $ 1,748,341 $1,735,052
XML 26 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Allocations of Profits and Losses (Details Narrative)
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
General Partner Percentage 1.00%
General Partner Incentive Fee .09
XML 27 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions (Details Narrative) (USD $)
1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
Notes to Financial Statements            
Management Fee   $ 29,936 $ 26,745 $ 85,023 $ 76,118  
Payable To Dahn 9,914 9,914   9,914   7,739
Tax Fee to General Partner $ 3,826     $ 34,434    
XML 28 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income attributable to the Partnership $ 586,889 $ 465,737
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 6,898 9,586
Changes in assets and liabilities:    
Uncollected revenue, prepaid advertising and other assets (7,974) (6,704)
Incentive management fee payable to General Partners (6,850) (1,975)
Property management fees payable 2,175 162
Customer deposits and other liabilities 1,657 (49,554)
Net cash provided by operating activities 582,795 417,252
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to property (20,187) 0
Net cash used in investing activities (20,187) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Distributions to partners (460,145) (460,145)
Net cash used in financing activities (460,145) (460,145)
NET INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS 102,463 (42,893)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 348,465 412,303
CASH AND CASH EQUIVALENTS AT END OF PERIOD 450,928 369,410
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 0 0
NON CASH INVESTING AND FINANCING ACTIVITIES:    
Distributions due partners included in partners' equity $ 151,515 $ 151,515
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Allocations of Profits and Losses
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Allocations of Profits and Losses

Under the Agreement of Limited Partnership, the general partners are to be allocated 1% of the net profits or losses from operations, and the limited partners are to be allocated the balance of the net profits or losses from operations in proportion to their limited partnership interests. The general partners are also entitled to receive a percentage, based on a predetermined formula, of any cash distribution from the sale, other disposition, or refinancing of the project.

In addition, the general partners are entitled to receive an incentive management fee for supervising the operations of the Partnership. The fee is to be paid in an amount equal to 9% per annum of the cash available for distribution on a cumulative basis, calculated as cash generated from operations less capital expenditures.

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