-----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, VS8iKr2FtR2+/varDsLVIjQhmAFBOcEN7vJG2bgLPF3FrXLmLo3oRBkGv9r9aR79 p/+sR6w0pgZu78O9eXKVaQ== 0000743366-00-000001.txt : 20000516 0000743366-00-000001.hdr.sgml : 20000516 ACCESSION NUMBER: 0000743366-00-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 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: 632934 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, 2000 /___/ 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, 2000 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, 2000. 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, 2000. (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 28, 2000 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 28, 2000 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 28, 2000 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, 2000. 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, 2000 and 1999, total revenues decreased 1.5% from $551,732 to $543,235 and total expenses decreased 1.6% from $398,937 to $392,444. As a result, net income decreased 1.3% from $152,795 for the three month period ended March 31, 1999, to $150,791 for the same period in 2000. Occupancy levels for the Partnership's six mini- storage facilities averaged 80.1% for the three month period ended March 31, 2000, and 83.5% for the same period in 1999. Rental revenue decreased primarily as a result of lower occupancy levels. The Partnership is continu- ing its marketing effort to attract and keep new tenants in its various mini- storage facilities. Operating expenses decreased approximately $6,700 (2.0%) primarily as a result of decreases in repairs and maintenance salary and wages expenses, partially offset by an increase in yellow pages advertising costs. 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, 2000 AND DECEMBER 31, 1999
March 31, December 31, 2000 1999 ASSETS CASH AND CASH EQUIVALENTS $ 534,732 $ 525,003 PROPERTY, NET 2,058,896 2,186,223 OTHER ASSETS 40,699 40,699 TOTAL $2,634,327 $2,751,925 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $ 576,099 $ 602,064 PARTNERS' EQUITY (DEFICIT): General Partners (87,186) (86,270) Limited Partners 2,145,414 2,236,131 Total partners' equity 2,058,228 2,149,861 TOTAL $2,634,327 $2,751,925 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 March 31, March 31, 2000 1999 REVENUES: Rental Income $ 541,527 $ 550,005 Interest 1,708 1,727 Total revenues 543,235 551,732 EXPENSES: Operating 327,022 333,765 General and administrative 65,422 65,172 Total expenses 392,444 398,937 NET INCOME $ 150,791 $ 152,795 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 149,283 $ 151,267 General partners 1,508 1,528 TOTAL $ 150,791 $ 152,795 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 6.22 $ 6.30 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, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 ($ 81,4177) $2,710,604 $2,629,127 NET INCOME 1,528 151,267 152,795 DISTRIBUTIONS (2,424) (240,000) (242,424) BALANCE AT MARCH 31, 1999 ($82,373) $2,621,871 $2,539,498 BALANCE AT JANUARY 1, 2000 ($86,270) $2,236,131 $2,149,861 NET INCOME 1,508 149,283 150,791 DISTRIBUTIONS (2,424) (240,000) (242,424) BALANCE AT MARCH 31, 2000 ($87,186) $2,145,414 $2,058,228 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
March 31, March 31, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 150,791 $ 152,795 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 127,327 127,328 Changes in assets and liabilities: Decrease(increase) in liabilities (25,965) 7,573 Net cash provided by operating activities 252,153 287,696 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (242,424) (242,424) NET INCREASE IN CASH AND CASH EQUIVALENTS 9,729 45,272 CASH AND CASH EQUIVALENTS: At beginning of period 525,003 459,100 At end of period $ 534,732 $ 504,372 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, 2000, and for the periods ended March 31, 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 March 31, 2000, is as follows: Land $ 2,089,800 Buildings and equipment 7,680,134 Equipment 60,760 Total 9,830,694 Less: Accumulated Depreciation ( 7,771,798) Property - Net $ 2,058,896
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-31-2000 DEC-31-2000 MAR-31-2000 DEC-31-2000 534732 0 0 0 0 0 0 0 0 0 0 0 9830694 0 7771798 0 2634327 0 0 0 0 0 0 0 0 0 0 0 0 0 2634327 0 541527 0 543235 0 0 0 0 0 0 0 0 0 0 0 150791 0 0 0 150791 0 0 0 0 0 0 0 150791 0 0 0 0 0
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