-----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, CjOJE5RYBpvXFN/sw4x5oKx0gb3SzpKgrFzOkyZOFW0ZUwtqSQr5ZaeQEWUpg4TN ZTx5wBt2amNS+SXofuEEyg== 0000764586-96-000005.txt : 19960814 0000764586-96-000005.hdr.sgml : 19960814 ACCESSION NUMBER: 0000764586-96-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960813 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: 96610472 BUSINESS ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90807 BUSINESS PHONE: 2135957711 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 June 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 June 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 June 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 June 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: July 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: July 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 July 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 June 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 June 30, 1996 and 1995, total revenues decreased slightly from $476,446 to $475,815 and total expenses decreased 3.4% from $363,285 to $351,030. As a result, net income increased 10.3% from $113,161 for the three month period ended June 30, 1995, to $124,785 for the same period in 1996. Occupancy levels for the Partnership's six mini-storage facilities averaged 87.6% for the three month periods ended June 30, 1996, and 86.6% for the same period in 1995. Rental revenue remained constant. 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 (3.9%) as a result of decreases in yellow pages advertising, office and salaries and wages expenses partially offset by an increase in maintenance and repair expenses. General and administrative expenses remained constant. For the six month periods ended June 30, 1996, and 1995 total revenues increased 2.9% from $914,841 to $941,171 and total expenses decreased 0.1% from $713,514 to $712,589. As a result, net income increased 13.5% from $201,327 for the six months ended June 30, 1995, to $228,582 for the same period in 1996. Rental revenue increased as a result of higher occupancy and unit rental rates. Operating expenses decreased approximately $7,400 (1.2%) primarily as a result of decreases in yellow page advertising costs, office expenses and salaries and wages partially offset by increases in real estate tax and maintenance and repair expenses. General and administrative expenses increased approximately $6,500 (7%) 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 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) JUNE 30, 1996 AND DECEMBER 31, 1995
June 30, December 31, 1996 1995 ASSETS CASH AND CASH EQUIVALENTS $ 416,837 $ 470,517 PROPERTY 3,940,484 4,195,138 OTHER ASSETS 79,184 31,660 TOTAL $4,436,505 $4,697,315 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 555,064 $ 559,608 PARTNERS' EQUITY: General Partners (68,953) (66,391) Limited Partners 3,950,394 4,204,098 Total partners' equity 3,881,441 4,137,707 TOTAL $4,436,505 $4,697,315 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30, 1996 1995 REVENUES: Rental Income $ 472,577 $ 473,328 Interest 3,238 3,118 Total revenues 475,815 476,446 EXPENSES: Operating Expenses 314,236 326,975 General and administrative 36,794 36,310 Total expenses 351,030 363,285 NET INCOME $ 124,785 $ 113,161 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 123,537 $ 112,029 General partners 1,248 1,132 TOTAL $ 124,785 $ 113,161 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 5.15 $ 4.67 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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30, 1996 1995 REVENUES: Rental Income $935,267 $908,499 Interest 5,904 6,342 Total Revenues 941,171 914,841 EXPENSES: Operating Expenses 613,103 620,505 General and administrative 99,486 93,009 Total expenses 712,589 713,514 NET INCOME $228,582 $201,327 AGGREGATE NET INCOME ALLOCATED TO: Limited partners 226,296 199,314 General partners 2,286 2,013 TOTAL 228,582 201,327 NET INCOME PER LIMITED PARTNERSHIP UNIT $9.43 $8.30 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 24,000 24,000 See accompanying notes to financial statements (unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1994 ($ 61,293) $4,708,784 $4,647,491 NET INCOME 2,013 199,314 201,327 DISTRIBUTIONS (4,848) (480,000) (484,848) EQUITY AT JUNE 30, 1995 ($64,128) $4,428,098 $4,363,970 EQUITY AT DECEMBER 31, 1995 ($66,391) $4,204,098 $4,137,707 NET INCOME 2,286 226,296 228,582 DISTRIBUTIONS (4,848) (480,000) (484,848) EQUITY AT JUNE 30, 1996 ($68,953) $3,950,394 $3,881,441 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30, 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 228,582 $ 201,327 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 254,654 254,653 Changes in assets and liabilities: Increase in other assets (47,524) (34,805) Increase(Decrease) in liabilities: (4,544) 6,240 Net cash provided by operating activities 431,168 427,415 CASH FLOWS FROM INVESTING ACTIVITIES - Purchase of property and equipment 0 (5,519) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (484,848) (484,848) NET INCREASE IN CASH AND CASH EQUIVALENTS (53,680) (62,952) CASH AND CASH EQUIVALENTS: At beginning of period 470,517 486,497 At end of period $ 416,837 $ 423,545 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 June 30, 1996, and for the periods ended June 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 June 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 ( 5,850,797) Property - Net $ 3,940,484
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 JUN-30-1996 DEC-31-1996 416837 0 0 0 0 0 0 0 0 0 0 0 9791281 0 5850797 0 4436505 0 0 0 0 0 0 0 0 0 0 0 0 0 4436505 0 935267 0 941171 0 0 0 0 0 0 0 0 0 0 0 228582 0 0 0 228582 0 0 0 0 0 0 0 228582 0 0 0 0 0
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