-----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, W1h0q7MyEwMWvTDBxmEPTZ/URZdaG/Y+anDqBdgD0MWOWXTzaNOD3XS0mABEKGvd NThKGKaFOwZ+P7AQCVEW6w== 0000764586-97-000004.txt : 19970814 0000764586-97-000004.hdr.sgml : 19970814 ACCESSION NUMBER: 0000764586-97-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970813 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: 97657556 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 June 30, 1997 /___/ 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-(562)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, 1997 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, 1997. 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, 1997. (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, 1997 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, 1997 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, 1997 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, 1997. The following is Management's discussion and analysis of the Partnership's financial condition and results of its operations. For the three month period ended June 30, 1997, and 1996, total revenues increased 3.2% from $475,815 to $490,974 and total expenses increased 13.5% from $351,030 to $398,393. As a result, net income decreased 25.8% from $124,785 for the three month period ended June 30, 1996, to $92,581 for the same period in 1997. Occupancy levels for the Partnership's six mini-storage facilities averaged 89.4% for the three month period ended June 30, 1997, and 87.6% for the same period in 1996. Rental revenue increased as a result of higher occupancy and 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 $42,300 (13.5%) as a result of increases in yellow pages advertising costs, maintenance and repair, office and salaries and wage expenses. General and administrative expenses increased approximately $5,100 (13.9%) primarily as a result of Colorado State Taxes, which were levied for the first time, partially offset by a decrease in incentive management fees. Incentive management fees which are based on cash available for distribution, decreased as a result of the decrease in net income. For the six month periods ended June 30, 1997, and 1996, total revenues increased 2.2% from $941,171 to $962,290 and total expenses increased 6.7% from $712,589 to $760,188. As a result, net income decreased 11.6% from $228,582 for the six months ended September 30, 1996, to $202,102 for the same period in 1997. Rental revenue increased as a result of higher occupancy and unit rental rates during the first six months of the period. Operating expenses increased approximately $42,800 (7%) primarily due to the same reasons as discussed above. General and administrative expenses increased approximately $4,800 (4.9%) primarily due to the same reasons as discussed above. 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) JUNE 30, 1997 AND DECEMBER 31, 1996
June 30, December 31, 1997 1996 ASSETS CASH AND CASH EQUIVALENTS $ 398,754 $ 481,301 PROPERTY 3,420,076 3,674,730 OTHER ASSETS 76,285 31,660 TOTAL $3,895,115 $4,187,691 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 577,859 $ 567,689 PARTNERS' EQUITY: General Partners (74,395) (71,568) Limited Partners 3,411,651 3,691,570 Total partners' equity 3,337,256 3,620,002 TOTAL $3,895,115 $4,187,691 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996 June 30, June 30, 1997 1996 REVENUES: Rental Income $ 488,690 $ 472,577 Interest 2,284 3,238 Total revenues 490,974 475,815 EXPENSES: Operating Expenses 356,492 314,236 General and administrative 41,901 36,794 Total expenses 398,393 351,030 NET INCOME $ 92,581 $ 124,785 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 91,655 $ 123,537 General partners 926 1,248 TOTAL $ 92,581 $ 124,785 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 3.82 $ 5.15 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, 1997 AND 1996 June 30, June 30, 1997 1997 REVENUES: Rental Income $ 957,377 $ 935,267 Interest 4,913 5,904 Total revenues 962,290 941,171 EXPENSES: Operating Expenses 655,862 613,103 General and administrative 104,326 99,486 Total expenses 760,188 712,589 NET INCOME $ 202,102 $ 228,582 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 200,081 $ 226,296 General partners 2,021 2,286 TOTAL $ 202,102 $ 228,582 NET INCOME PER LIMITED PARTNERSHIP UNIT $8.34 $9.43 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 THREE MONTHS ENDED JUNE 30, 1997 AND 1996
GENERAL LIMITED PARTNERS PARTNERS TOTAL 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 EQUITY AT DECEMBER 31, 1996 ($71,568) $3,691,570 $3,620,002 NET INCOME 2,021 200,081 202,102 DISTRIBUTIONS (4,848) (480,000) (484,848) EQUITY AT JUNE 30, 1997 ($74,395) $3,411,651 $3,337,256 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30, 1997 1996 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 202,102 $ 228,582 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 254,654 254,654 Changes in assets and liabilities: Increase in other assets (44,625) (47,524) Decrease in liabilities (9,830) (4,544) Net cash provided by operating activities 402,301 431,168 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (484,848) (484,848) NET DECREASE IN CASH AND CASH EQUIVALENTS (82,547) (53,680) CASH AND CASH EQUIVALENTS: At beginning of period 481,301 470,517 At end of period $ 398,754 $ 416,837 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, 1997, and for the periods ended June 30, 1997, and 1996, 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, 1997, is as follows: Land $ 2,089,800 Buildings and equipment 7,662,434 Equipment 39,046 Total 9,791,280 Less: Accumulated Depreciation ( 6,371,204) Property - Net $ 3,420,076
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-31-1997 DEC-31-1997 JUN-30-1997 DEC-31-1997 398754 0 0 0 0 0 0 0 0 0 0 0 9791280 0 6371204 0 3895115 0 0 0 0 0 0 0 0 0 0 0 0 0 3895115 0 957377 0 962290 0 0 0 0 0 0 0 0 0 0 0 202102 0 0 0 202102 0 0 0 0 0 0 0 202102 0 0 0 0 0
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