0000844048-12-000040.txt : 20120515 0000844048-12-000040.hdr.sgml : 20120515 20120515164516 ACCESSION NUMBER: 0000844048-12-000040 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120515 DATE AS OF CHANGE: 20120515 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: 12845515 BUSINESS ADDRESS: STREET 1: PO BOX 357 CITY: LONG BEACH STATE: CA ZIP: 90801 BUSINESS PHONE: 3105957711 MAIL ADDRESS: STREET 1: PO BOX 357 CITY: LONG BEACH STATE: CA ZIP: 90801 10-Q 1 dsi007q112.htm

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

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 March 31, 2012

[ ] 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 24,000 limited partnership units originally sold for $500.00 per unit. There is no trading market for the limited partnership units.

Certain statements contained in this discussion or elsewhere in this report may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words and phrases such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “designed to achieve”, variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future – including statements relating to rent and occupancy growth, general conditions in the geographic areas where we operate – are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict.

Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Many of the factors that may affect outcomes and results are beyond our ability to control.

 
 

PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)

     
Condensed Balance Sheets (Unaudited)    
  March 31, 2012 December 31, 2011
    (Audited)
ASSETS:    
    Cash & Equivalents $328,027 $337,676
    Property Net 1,750,239 1,759,028
    Uncollected Rental Revenue 48,168 98,515
    Prepaid Advertising 3,165 1,545
    Other Assets 20,000 20,000
    TOTAL $2,149,599 $2,216,764
LIABILITIES AND PARTNERS' EQUITY    
    LIABILITIES:    
        Distribution due to Partners $151,515 $151,515
        Incentive Management Fee Liability 18,520 9,463
        Property Management Fee Liability 8,003 7,829
        Deferred Income 58,897 48,305
        Accrued Expenses 27,549 35,584
        Other Liabilities 18,876 21,621
        Total Liabilities 283,360 274,317
    PARTNERS' EQUITY:    
        General Partners (89,108) (88,346)
        Limited Partners 1,955,347 2 ,030,793
        Total Partners' Equity 1,866,239 1,942,447
    TOTAL $2,149,599 $2,216,764

 The accompanying notes are an integral part of these unaudited condensed financial statements.

 
 

DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
 

     
Condensed Statements of Income (Unaudited) Three Months Ended
  March 31, 2012 March 31, 2011
     
REVENUES:    
    Self-storage rental income $379,299 $427,115
    Ancillary operating revenue 38,723 33,552
    Interest and other income 0 18
    TOTAL 418,022 460,685
EXPENSES:    
    Depreciation 8,789 3,039
    Operating 218,717 208,351
    General and administrative 79,972 101,346
    General partners' incentive management fee 11,289 7,407
    Property management fee 23,948 23,441
    Total 342,715 343,584
NET INCOME $75,307 $117,101
     
     
AGGREGATE INCOME ALLOCATED TO:    
    General partners $753 $1,171
    Limited partners 74,554 115,930
    TOTAL $75,307 $117,101
     
Weighted average limited partnership units outstanding 24,000 24,000
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP PER LIMITED PARTNERSHIP UNIT $ 3.11 $ 4.83

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 
 

DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
 

 

       
Condensed Statements of Changes in Partners' Equity (Deficit) (Unaudited)      
  General Partners Limited Partners Total
       
       
BALANCE, December 31, 2011 (Audited) $(88,346) $2,030,793 $1,942,447
Net Income Allocation 753 74,554 75,307
Distributions (1,515) (150,000) (151,515)
BALANCE, March 31, 2012 $(89,108) $1,955,347 $1,866,239
       
       
       
       

The accompanying notes are an integral part of these unaudited condensed financial statements.

 
 

DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)

     
Condensed Statements of Cash Flows (Unaudited) Three Months Ended Three Months Ended
  March 31, 2012 March 31, 2011
     
CASH FLOWS FROM OPERATING ACTIVITIES:    
    Net income attributable to the Partnership $75,307 $117,101
    Adjustments to reconcile net income to net cash provided by operating activities:    
        Depreciation 8,789 3,039
        Changes in assets and liabilities:    
            Other assets 48,727 (41,981)
            Incentive management fee payable to General Partners 9,057 0
            Property management fees payable 174 228
            Customer deposits and other liabilities (188) 712
    Net cash provided by operating activities 141,866 79,099
CASH FLOWS FROM INVESTING ACTIVITIES:    
    Additions to property 0 0
    Net cash used in investing activities 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
    Distributions to partners (151,515) (181,818)
    Net cash used in financing activities (151,515) (181,818)
    NET DECREASE IN CASH AND CASH EQUIVALENTS (9,649) (102,719)
    CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 337,676 367,302
    CASH AND CASH EQUIVALENTS AT END OF PERIOD $328,027 $264,583
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

The accompanying notes are an integral part of these unaudited condensed financial statements.

 
 

DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

March 31, 2012

1.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, Registrant 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 has acquired 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.

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, 2012. 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, 2011.

 
 

Significant Accounting Policies

The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the three months ended March 31, 2012 and 2011 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of March 31, 2012 and December 31, 2011, accumulated other comprehensive income was $0.

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.

 

Recent Accounting Pronouncements

In May 2011, the FASB issued Accounting Standards Update 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The new guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards. While many of the amendments to U.S. GAAP are not expected to have a significant effect on practice, the new guidance changes some fair value measurement principles and disclosure requirements. This new guidance is effective for fiscal years and interim periods beginning after December 15, 2011. The adoption of the standard update does not have a significant impact on its financial position or results of operations.

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 20 years. Property under capital leases is amortized over the lives of the respective leases. The total cost of property and accumulated depreciation at March 31, 2012 and December 31, 2011, were as follows:

  March 31, 2012 December 31, 2011
Land $ 1,714,700 $ 1,714,700
Buildings and improvements 6,449,078 6,449,078
Rental trucks under capital leases 140,093 140,093
Total $ 8,303,871 $ 8,303,871
Less accumulated depreciation (6,553,632) (6,544,843)
Property – net $ 1,750,239 $ 1,759,028




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.

4. ALLOCATION OF PROFITS AND LOSSES AND GENERAL PARTNERS' INCENTIVE MANAGEMENT FEE

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.

5. 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 $23,948 and $23,441, for the three month period ended March 31, 2012 and 2011, respectively. Amounts payable to Dahn at March 31, 2012 and December 31, 2011 were $8,003 and $7,829, 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 three month period ended March 31, 2012 were $11,478.

6. SUBSEQUENT EVENTS

Events subsequent to March 31, 2012, 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. Management found no subsequent events that should be disclosed.


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Critical Accounting Policies

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.

 
 

RESULTS OF OPERATIONS

2012 COMPARED TO 2011  

For the three-month periods ended March 31, 2012 and 2011, revenues decreased 9.3% to $418,022 from $460,685 and total expenses decreased 0.3% to $342,715 from $343,584 resulting in a decrease in net income of 35.7% to $75,307 from $117,101. Rental revenues decreased primarily as a result of lower unit rental rates. Occupancy levels for the Partnership's mini-storage facilities averaged 69.4% for the three-month period ended March 31, 2012, compared to 66.0% for the same period in 2011. Operating expenses increased $10,366 or 5% primarily due to increases in advertising, salary and wages, and employee promotion expenses; partially offset by a decrease in repair and maintenance expense. General and administrative expenses decreased $21,374 or 21.1% primarily as a result of a decrease in legal and professional expenses.

The General Partners plan to continue their policy of funding the continuing improvement and maintenance of Partnership properties with cash generated from operations. In addition, the Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Partnership’s management, with the participation of the principal executive officer and principal financial officer of DSI Properties, Inc., its General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, has evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the principal executive officer and principal financial officer of the General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, concluded that, as of the end of such period, the Partnership’s disclosure controls and procedures were effective.  

Changes in Internal Control over Financial Reporting.

There have been no significant changes in the Partnership’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the reporting period that have materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Registrant is not a party to any material pending legal proceedings.

ITEM 1A. RISK FACTORS

Not required.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. (REMOVED AND RESERVED)

ITEM 5. OTHER INFORMATION

None.

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 The unaudited financial statements and footnotes from the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) Condensed Balance Sheets (Unaudited); (ii) Condensed Statements of Income (Unaudited); (iii) Condensed Statements of Stockholders’ Equity (Unaudited); (iv) Condensed Statements of Cash Flows (Unaudited); and (v) the Notes to Unaudited Condensed Financial Statements, tagged as blocks of text.*

*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: May 15, 2012

ROBERT J. CONWAY, President
(Chief Executive Officer and Director)

 

By: /s/ RICHARD P. CONWAY

Dated: May 15, 2012

RICHARD P. CONWAY, Executive Vice President
(Chief Financial Officer and Director)

 

 
 

EXHIBIT 31.1
Rule 13a-14(a)/15d-14(a) Certification

I, Robert J. Conway, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of DSI Realty Income Fund VII;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15e and 15d-15e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


/s/ ROBERT J. CONWAY


Robert J. Conway
President of DSI Properties, Inc.,
General Partner (chief executive officer)
May 15, 2012

 
 

EXHIBIT 31.2
Rule 13a-14(a)/15d-14(a) Certification

I, Richard P. Conway, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of DSI Realty Income Fund VII;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15e and 15d-15e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


/s/ RICHARD P. CONWAY


Richard P. Conway
Executive Vice President of DSI Properties, Inc.,
General Partner (chief financial officer)
May 15, 2012

 
 

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of DSI Realty Income Fund VII (the "Partnership") on Form 10-Q for the period ending March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Robert J. Conway, President of DSI Properties, Inc., General Partner of the Partnership, and performing the functions of chief executive officer of the Partnership, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Partnership.


/s/ ROBERT J. CONWAY


Robert J. Conway
President of DSI Properties, Inc.,
General Partner (chief executive officer)
May 15, 2012

 
 

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of DSI Realty Income Fund VII (the "Partnership") on Form 10-Q for the period ending March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard P. Conway, Executive Vice President of DSI Properties, Inc., General Partner of the Partnership, and performing the functions of chief financial officer of the Partnership, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Partnership.


/s/ RICHARD P. CONWAY


Richard P. Conway
Executive Vice President of DSI Properties, Inc.,
General Partner (chief financial officer)
May 15, 2012

 EX-101.PRE 2 dsi007-20120331_pre.xml XBRL PRESENTATION FILE EX-101.INS 3 dsi007-20120331.xml XBRL INSTANCE FILE 0000719581 2012-03-31 0000719581 2011-12-31 0000719581 2012-01-01 2012-03-31 0000719581 2011-01-01 2011-03-31 0000719581 us-gaap:GeneralPartnersCapitalAccount 2012-01-01 2012-03-31 0000719581 us-gaap:GeneralPartnersCapitalAccount 2011-12-31 0000719581 us-gaap:GeneralPartnersCapitalAccount 2012-03-31 0000719581 us-gaap:LimitedPartnersCapitalAccount 2012-01-01 2012-03-31 0000719581 us-gaap:LimitedPartnersCapitalAccount 2011-12-31 0000719581 us-gaap:LimitedPartnersCapitalAccount 2012-03-31 0000719581 2010-12-31 0000719581 2011-03-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares DSI Realty Income Fund VII 10-Q 2012-03-31 328027 337676 367302 264583 1750239 1759028 48168 98515 3165 1545 20000 20000 2149599 2216764 151515 151515 18520 9463 8003 7829 58897 48305 27549 35584 18876 21621 283360 274317 -89108 -88346 1955347 2030793 2149599 2216764 379299 427115 38723 33552 0 18 418022 460685 8789 3039 218717 208351 79972 101346 11289 7407 23948 23441 342715 343584 75307 117101 753 74554 753 1171 74554 115930 75307 117101 24000 24000 3.11 4.83 75307 117101 48727 -41981 9057 0 174 228 -188 712 141866 79099 0 0 0 0 151515 181818 -151515 -181818 -9649 -102719 0 0 151,515 151,515 0000719581 false --12-31 No No Yes Smaller Reporting Company Q1 2012 <p style="margin: 0; font: x-small Arial, Helvetica, Sans-Serif"></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">Registrant, DSI Realty Income Fund VII (the &#147;Partnership&#148;) 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 &#147;Agreement&#148;) dated August 1, 1983. The General Partners are DSI Properties, Inc., a California corporation, and RJC Capital Management, LLC and JWC Capital Management, LLC.<br /> <br /> 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, Registrant 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.</p> <p style="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">The Partnership has acquired mini-storage facilities located in Chico, Fairfield, La Verne, and Riverside, California and Littleton, Colorado. All facilities were purchased from Dahn Corporation (&#147;Dahn&#148;). Dahn is not affiliated with the Partnership. Dahn is affiliated with other partnerships in which DSI Properties, Inc. is a general partner.<br style="mso-special-character: line-break" /> <br style="mso-special-character: line-break" /> </p> <p style="margin: 0">The accompanying unaudited interim financial statements have been prepared by the Partnership&#146;s management in accordance with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;) and in conjunction with the rules and regulations of the Securities and Exchange Commission (&#147;SEC&#148;). 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, 2012. These unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Partnership&#146;s annual report on Form 10-K for the year ended December 31, 2011.<br style="mso-special-character: line-break" /> <br style="mso-special-character: line-break" /> </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: 0">&#160;</p> <p style="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><b>Significant Accounting Policies</b></p> <p style="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">The Partnership has adopted <font style="color: windowtext">Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the three months ended March 31, 2012 and 2011 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of March 31, 2012 and December 31, 2011, accumulated other comprehensive income was $0.</font></p> <p style="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">ASC 825-10 (formerly SFAS 107, &#147;Disclosures about Fair Value of Financial Instruments&#148;) 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.</p> <p style="font: 10pt Tahoma, Halvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0"><br style="mso-special-character: line-break" /></p> <p style="font: 10pt Tahoma, Halvetica, Sans-Serif; margin: 0"></p> <p style="font: 10pt Tahoma, Halvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0"></p> <p style="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0"><font style="font-size: 10pt"><b>Recent Accounting Pronouncements</b></font></p> <p style="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify">In May 2011, the FASB issued Accounting Standards Update 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The new guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards. While many of the amendments to U.S. GAAP are not expected to have a significant effect on practice, the new guidance changes some fair value measurement principles and disclosure requirements. This new guidance is effective for fiscal years and interim periods beginning after December&#160;15, 2011. The adoption of the standard update does not have a significant impact on its financial position or results of operations.</p> <p style="font: 10pt Tahoma, Halvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0"><b>&#160;</b></p> <p style="font: 10pt Tahoma, Halvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0"></p> <p style="margin: 0"></p> <p style="margin: 0; font: x-small Arial, Helvetica, Sans-Serif"></p> <p style="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">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 March 31, 2012 and December 31, 2011, were as follows:</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Tahoma, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 49%; padding: 5.25pt">&#160;</td> <td style="width: 27%; padding: 5.25pt; font-weight: bold; text-align: right">March 31, 2012</td> <td style="width: 24%; padding: 5.25pt; font-weight: bold; text-align: right">December 31, 2011</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; text-align: right">6,449,078</td> <td style="padding: 5.25pt; text-align: right">6,449,078</td></tr> <tr style="vertical-align: top"> <td style="padding: 5.25pt">Rental trucks under capital leases</td> <td style="padding: 5.25pt; text-decoration: underline; text-align: right">140,093</td> <td style="padding: 5.25pt; text-decoration: underline; text-align: right">140,093</td></tr> <tr style="vertical-align: top"> <td style="padding: 5.25pt; font-weight: bold">Total</td> <td style="padding: 5.25pt; font-weight: bold; text-align: right">$ 8,303,871</td> <td style="padding: 5.25pt; font-weight: bold; text-align: right">$ 8,303,871</td></tr> <tr style="vertical-align: top"> <td style="padding: 5.25pt">Less accumulated depreciation</td> <td style="padding: 5.25pt; text-decoration: underline; text-align: right">(6,553,632)</td> <td style="padding: 5.25pt; text-decoration: underline; text-align: right">(6,544,843)</td></tr> <tr style="vertical-align: top"> <td style="padding: 5.25pt; font-weight: bold">Property &#150; net</td> <td style="padding: 5.25pt; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$ 1,750,239</td> <td style="padding: 5.25pt; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$ 1,759,028</td></tr> </table> <p style="margin: 0"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Tahoma, Halvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">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.</p> <p style="margin: 0pt"></p> <p style="margin: 0">&#160;</p> <p style="margin: 0; font: x-small Arial, Helvetica, Sans-Serif"></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">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.</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"></p> <p style="margin: 0; font: x-small Arial, Helvetica, Sans-Serif"></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 equal to $23,948 and $23,441, for the three month period ended March 31, 2012 and 2011, respectively. Amounts payable to Dahn at March 31, 2012 and December 31, 2011 were $8,003 and $7,829, 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. Tax fees paid to DSI Properties, Inc. for the three month period ended March 31, 2012 were $11,478.</p> <p style="margin: 0"></p> <p style="margin: 0pt"></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">Events subsequent to March 31, 2012, 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. Management found no subsequent events that should be disclosed.</p> <p style="margin: 0"></p> 24000 1866239 1942447 -88346 -89108 2030793 1955347 -151515 -1515 -150000 EX-101.SCH 4 dsi007-20120331.xsd XBRL SCHEMA FILE 0001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 0002 - Statement - Balance Sheets (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0003 - Statement - Statements of Income (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0004 - Statement - Statements of Changes in Partners Equity (Deficit) (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0005 - Statement - Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0006 - Disclosure - General link:presentationLink link:calculationLink link:definitionLink 0007 - Disclosure - Property link:presentationLink link:calculationLink link:definitionLink 0008 - Disclosure - Net Income Per Limited Partnership Unit link:presentationLink link:calculationLink link:definitionLink 0009 - Disclosure - Allocation of Profits and Losses link:presentationLink link:calculationLink link:definitionLink 0010 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 0011 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 5 dsi007-20120331_cal.xml XBRL CALCULATION FILE EX-101.DEF 6 dsi007-20120331_def.xml XBRL DEFINITION FILE EX-101.LAB 7 dsi007-20120331_lab.xml XBRL LABEL FILE General Partners Statement, Equity Components [Axis] Limited Partners Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS: Cash & Equivalents Property Net Uncollected Rental Revenue Prepaid Advertising Other Assets TOTAL LIABILITIES AND PARTNERS' EQUITY LIABILITIES: Distribution due to Partners Incentive Management Fee Liability Property Management Fee Liability Deferred Income Accrued Expenses Other Liabilities Total Liabilities PARTNERS' EQUITY: Total Partners' Equity TOTAL Income Statement [Abstract] REVENUES: Self-storage rental income Ancillary operating revenue Interest and other income TOTAL EXPENSES: Depreciation Operating General and administrative General partners' incentive management fee Property management fee Total NET INCOME AGGREGATE INCOME ALLOCATED TO: General partners Limited partners TOTAL Weighted average limited partnership units outstanding NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP PER LIMITED PARTNERSHIP UNIT Statement [Table] Statement [Line Items] BALANCE, Beginning Net Income Allocation Distributions Balance, Ending Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net income attributable to the Partnership Adjustments to reconcile net income to net cash provided by operating activities: Changes in assets and liabilities: Other assets Incentive management fee payable to General Partners Property management fees payable Customer deposits and other liabilities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Distributions to partners Net cash used in financing activities NET DECREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for interest NON CASH INVESTING AND FINANCING ACTIVITIES: Distributions due partners included in partners' equity Notes to Financial Statements General Property Net Income Per Limited Partnership Unit Allocation of Profits and Losses Related Party Transactions Subsequent Events Entity Common Stock, Shares Outstanding Assets Liabilities Revenues Operating Costs and Expenses Operating Income (Loss) Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net Cash Provided by (Used in) Investing Activities Payments of Capital Distribution Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 9 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Allocation of Profits and Losses
 3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Allocation 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.
EXCEL 10 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\S-S,Y83$X,U\Q839C7S1A-&)?.34V-%\S-3@S M93DT,S`Y93@B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I% M>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I. M86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O5]4#I7;W)K#I.86UE/@T*("`@ M(#QX.E=O#I%>&-E M;%=O6QE#I!8W1I M=F53:&5E=#X-"B`@/'@Z4')O=&5C=%-T#I0#I0#I0 M&UL/CPA M6V5N9&EF72TM/@T*/"]H96%D/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G M92!S:&]U;&0@8F4@;W!E;F5D('=I=&@@36EC'1087)T7S,W,SEA,3@S7S%A-F-?-&$T8E\Y-38T7S,U.#-E.30S,#EE.`T* M0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\S-S,Y83$X,U\Q839C7S1A M-&)?.34V-%\S-3@S93DT,S`Y93@O5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!);F9O'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^665S/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!#;VUM;VX@4W1O8VLL M(%-H87)E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!-86YA9V5M96YT($9E92!,:6%B M:6QI='D\+W1D/@T*("`@("`@("`\=&0@8VQA3PO=&0^#0H@("`@("`@(#QT M9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$2!M86YA9V5M96YT(&9E93PO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S-S,Y83$X,U\Q839C7S1A-&)?.34V M-%\S-3@S93DT,S`Y93@-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO M,S'0O:'1M;#L@8VAA M'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M6%B;&4\ M+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R M=%\S-S,Y83$X,U\Q839C7S1A-&)?.34V-%\S-3@S93DT,S`Y93@-"D-O;G1E M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`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`T*0V]N=&5N="U, M;V-A=&EO;CH@9FEL93HO+R]#.B\S-S,Y83$X,U\Q839C7S1A-&)?.34V-%\S M-3@S93DT,S`Y93@O5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3PO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'`@2!T:&4@4&%R=&YE65A2!A;F0@ M86-C=6UU;&%T960@9&5P6QE M/3-$)V9O;G0Z(#$P<'0@5&%H;VUA+"!(96QV971I8V$L(%-A;G,M4V5R:68[ M('=I9'1H.B`Q,#`E)SX-"CQT6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F'0M86QI9VXZ(')I9VAT)SXV+#0T.2PP M-S@\+W1D/@T*("`@(#QT9"!S='EL93TS1"=P861D:6YG.B`U+C(U<'0[('1E M>'0M86QI9VXZ(')I9VAT)SXV+#0T.2PP-S@\+W1D/CPO='(^#0H\='(@6QE/3-$ M)W!A9&1I;F6QE/3-$)W!A9&1I;F'0M86QI9VXZ(')I M9VAT)SXQ-#`L,#DS/"]T9#X-"B`@("`\=&0@6QE/3-$)W!A9&1I;F6QE/3-$)W9E6QE/3-$)W9E2`F(S$U,#L@;F5T/"]T9#X-"B`@("`\=&0@'0M=6YD97)L:6YE+7-T>6QE.B!D;W5B;&4[('1E>'0M M86QI9VXZ(')I9VAT)SXD(#$L-S4P+#(S.3PO=&0^#0H@("`@/'1D('-T>6QE M/3-$)W!A9&1I;F'0M M9&5C;W)A=&EO;CH@=6YD97)L:6YE.R!T97AT+75N9&5R;&EN92US='EL93H@ M9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H="<^)"`Q+#6QE/3-$)VUA7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$6QE/3-$)VUA M6QE/3-$)V9O;G0Z(#$P<'0@5&%H M;VUA+"!(86QV971I8V$L(%-A;G,M4V5R:68[(&UA3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S-S,Y83$X,U\Q839C7S1A-&)? M.34V-%\S-3@S93DT,S`Y93@-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O M0SHO,S'0O:'1M;#L@ M8VAA6QE/3-$)VUA"US;6%L;"!!6QE/3-$)V9O M;G0Z(#$P<'0@5&%H;VUA+"!(86QV971I8V$L(%-A;G,M4V5R:68[(&UA2!C87-H(&1I3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S-S,Y83$X M,U\Q839C7S1A-&)?.34V-%\S-3@S93DT,S`Y93@-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,S'0O:'1M;#L@8VAA2!46QE/3-$)VUA"US;6%L;"!!6QE/3-$)V9O M;G0Z(#$P<'0@5&%H;VUA+"!(86QV971I8V$L(%-A;G,M4V5R:68[(&UA2`R,#$Q+`T*=&AE M($=E;F5R86P@4&%R=&YE"!R96QA=&5D('=O"!F965S('!A:60@=&\@1%-) M(%!R;W!E6QE/3-$)VUA7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA6QE/3-$)V9O;G0Z(#$P M<'0@5&%H;VUA+"!(96QV971I8V$L(%-A;G,M4V5R:68[(&UA3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S-S,Y83$X,U\Q839C M7S1A-&)?.34V-%\S-3@S93DT,S`Y93@-"D-O;G1E;G0M3&]C871I;VXZ(&9I M;&4Z+R\O0SHO,S&UL#0I#;VYT96YT+51R86YS9F5R+45N M8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O M:'1M;#L@8VAA&UL;G,Z;STS1")U M XML 11 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Income Per Limited Partnership Unit
 3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
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.

 
XML 12 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (Unaudited) (USD $)
Mar. 31, 2012
Dec. 31, 2011
ASSETS:    
Cash & Equivalents $ 328,027 $ 337,676
Property Net 1,750,239 1,759,028
Uncollected Rental Revenue 48,168 98,515
Prepaid Advertising 3,165 1,545
Other Assets 20,000 20,000
TOTAL 2,149,599 2,216,764
LIABILITIES:    
Distribution due to Partners 151,515 151,515
Incentive Management Fee Liability 18,520 9,463
Property Management Fee Liability 8,003 7,829
Deferred Income 58,897 48,305
Accrued Expenses 27,549 35,584
Other Liabilities 18,876 21,621
Total Liabilities 283,360 274,317
PARTNERS' EQUITY:    
General Partners (89,108) (88,346)
Limited Partners 1,955,347 2,030,793
Total Partners' Equity 1,866,239 1,942,447
TOTAL $ 2,149,599 $ 2,216,764
XML 13 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
General
 3 Months Ended
Mar. 31, 2012
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, Registrant 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 has acquired 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.

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, 2012. 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, 2011.

 

Significant Accounting Policies

The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the three months ended March 31, 2012 and 2011 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of March 31, 2012 and December 31, 2011, accumulated other comprehensive income was $0.

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.


Recent Accounting Pronouncements

In May 2011, the FASB issued Accounting Standards Update 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The new guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards. While many of the amendments to U.S. GAAP are not expected to have a significant effect on practice, the new guidance changes some fair value measurement principles and disclosure requirements. This new guidance is effective for fiscal years and interim periods beginning after December 15, 2011. The adoption of the standard update does not have a significant impact on its financial position or results of operations.

 
XML 14 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 15 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property
 3 Months Ended
Mar. 31, 2012
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 March 31, 2012 and December 31, 2011, were as follows:

  March 31, 2012 December 31, 2011
Land $ 1,714,700 $ 1,714,700
Buildings and improvements 6,449,078 6,449,078
Rental trucks under capital leases 140,093 140,093
Total $ 8,303,871 $ 8,303,871
Less accumulated depreciation (6,553,632) (6,544,843)
Property – net $ 1,750,239 $ 1,759,028
XML 16 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Income (Unaudited) (USD $)
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
REVENUES:    
Self-storage rental income $ 379,299 $ 427,115
Ancillary operating revenue 38,723 33,552
Interest and other income 0 18
TOTAL 418,022 460,685
EXPENSES:    
Depreciation 8,789 3,039
Operating 218,717 208,351
General and administrative 79,972 101,346
General partners' incentive management fee 11,289 7,407
Property management fee 23,948 23,441
Total 342,715 343,584
NET INCOME 75,307 117,101
AGGREGATE INCOME ALLOCATED TO:    
General partners 753 1,171
Limited partners 74,554 115,930
TOTAL 75,307 117,101
Weighted average limited partnership units outstanding 24,000 24,000
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP PER LIMITED PARTNERSHIP UNIT $ 3.11 $ 4.83
ZIP 17 0000844048-12-000040-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000844048-12-000040-xbrl.zip M4$L#!!0````(`*Z%KT`C3`L``00E#@``!#D!``#L76USVSB2_GY5]Q]P MWLQ44B7))"59DO.RY;'C'>_DQ6L[,[M54W4%DY"$"45J"-*V]M=?-P"2$$7) MI$3%R5XRJ8Q$`MT/&HWN1J-)O?KKP\PG=RP2/`Q>']@=ZX"PP`T]'DQ>'WRZ M;I]&'VZNLC(3N-X M?GQX>']_WPG".WH?1I]%QPVKD;L.D\AE&:T/Q[^?75^0*T;]>(&-Q>]7Y`?G MC%R_/042/LA!_'Z:1!$+XM^O8S8GCKS]:>[1F)%_GE]A*R9^]P2WK,&?MNUT M'L8@@C.X?4P,,#/9?WL MT6AT*.^F35=:(O.41_<0;]]2D5-&@!O:KR"!NUZ<=3`;]P_5S:6FO+3ID6K* MTZ8>*[1+Q"%)%_/R/O)&21_0?-#9K`=\5>O@`BS`C)TG@??K MQ<4AZK#5A5ZIVN)4'PNI4%=L3*26'$^E`-4J:*==.@_".]`-$,3K`\'1%!R0 MPY284F0W#&+V$!/NO3XX$1_'2*!M==LYUZPI+$0>+[*KV77NX9TQ!WLCL;&E M&1+,[4S"N\/3BU\.WN`Z&MBC_M!^=5CLG+,[+.6GN9,/ M)Z64WUOI!I[3Z&0J8WJG43G;AISM;U_.]C9RMK^`G$OT^7]5\.5?`D;X($[I MG,?4/W'=,`GB)YN%7+!L,F/&NLYN>0#F8>YSE\?OV>P6&'L<6JIP5'O(8PR& M&/9_^V<"N#&<#`/X*DX>N#AXDS;;*(-7AZ7L3*B'Y5C_(Y?LLO_XKCY?F_I\ M*1>Y'&Q]UX.O6`_V&D]N<"WO^(S'S/M_K1,;9?#=M6QR+=_5YRM3GR=R+=_U MX.O5@R^1JK"^]52%]046R[>Y;5ZR*`UK4A)P):%/UV/`8V\?E4N1;1CB]OR2%,H%ZC!^_EIP'7&3^5GH)FA\;Q;SZDS!=OQ#D3>[ MEY&]E`OCK0K(*M,W3?A::BF[U!F=4C$]"3S\'WJM.^I+AQ6?TBA:\&`BCYZ6 M(!0R\P0G1M[`M4D\YO(9]<7K`^O@3=<96L[@U6$M9HTA3-/B&Q%V!T>#HZ=" M:%5!>#3H6L[3R?#Q67:.>OUA=T>$EU$([B!>7/JPW*`W]IRC]GY@\;;J9P_Z MEM,=Y<@V,=D54!5M`T`CRQEN!P@"Q"AAWCEC`EI^C*YDOKT>[4X2\F<",%BL>U@'0P8JMKC(!O?X0!J[ZLK7]Z]M+ZZ8*KZ;P5=/GW?%I M6_".TUON\Y@ST:@$AWW'6C$\CS!K#F(EV]@[ZC:`$',/^]#!H64MPWN,44/8 MJHAN,'1&.V$[8V,&-SSM?;:547\X'!E138U=DV,;G#;O?( M,)C;TB1MX+(SI&IA9M<:C+I;0\J4#'Q#H4]C$>E&+CM#VBI^K07IBL64 M^V4N:D,&:Z/M'HP<4T!+#&IS+RM2V^@LG8%M1JH;N>L-*?7?"CP0:E((PX'3 M+1CT%4;;PZDKE2XX5*C`?R/";F=TRW;T(R@]%HX*S$3.LX-@"PMJ6P[+*HKBI":9=/0VE= M=)-&;:UM.^::VL1N5VAU)3?H68,=D'T!Y7.ZH]ZP`'&;^?T":NAT>[WB=K(N MU%3<.`LBGX9&+%P7H[1^B6TI,ML)56VSW^LN91TJH_K`8A4#O`M%(_(9]+OF M:EBB7YMY;1MF#VS+;HI[_8\AB&5`O/IR#L^\M MG<76!K*7D6R6^!<:23Y;B.H44/(@@79Z.L-`7++(Z%_.86?-EF/K=FS;S"(T M@>S+C;?6`I+C[77,0J/]C/%& ML$6>S:"LG4RRG5U`0E2,);%@B3'![_VT^"28!Q.1V0\WYG>J9*?$DS6BQ3U[ M>'2T%*?O@&C_XZL]02/+/")L=GA@AK`P5]R$)^Z?"8\8T/42),&:0?A;@\YG9:/8YUH.L.D++]-FCI! M*U9M;F2X,[KZIZKXWY;HUDC]G`ZYEPZ[+-7]L\134(*+^1>"QAU_8HO(PS6>#UU(S MV9V`9?70NI[[M'+F\E5G8N!78% M*B6*H>1P!1N4"(,(]7K1RMS^A<_V/D9ME:M$Q0P^HQP\]E[#)**R<4T80& M_-]RIP*;%Q'ZW)-?L#(3K"!0D%\_CK4/IG[V<@H!$9#KA_AL]@V`^\D/W<^5 MD?[HQR_G1,0+G[T^F-%HPH-C8KTD8^A_3![:`J>-G$3`L$5^9OX=B[E+6^2: M!J)]#=(;'_PXB5\BF<.Y_/07NZO_,4DK>K8UC\D-G88S(/$S+:'VDB@0[0BS M^A**OG`;QK`=-Z_X;(PMM@=0-IQM`>3/EK?(RM/H$D[Z1#IY'D\9^9'.YB__ M8O<&+XWT=7IQ^/(%X8)0,D]N?>[ZB_:4^1[Q5;Z;S/,>)%2:`U>!/*POI'U* M?3X.HX!3\BG`3S.B4^42B,&00"0'3"*1`'`2A\#R%)\^'',\XB,4$)],(B;U MC(3CE`PQ23R?@I\&K1R#OR:1?NQ$TA+&*#,RQA@E&GSC,G!))HF(B=TB]FC8 M[9`;&(8^P%F6KG[*%\+.%`NZT$'8^9C>,P,;(]=*20[CZ^RE)JZ?? MTX!.))`6>??N5$+`-G__;6V;#BK2;40.<_4J7BA#)6P)62RE8?`^B6[3'88+Z&"8"!?SNH#T0W`8V9J,JQ MFWM)%QA0\$[=U,?2:PALGY@[ERS;@PZT`:;:['Y>T7Y)[C MP&.)8T8_XR#`UQ'7J.'/=LE``E>M(=P-^A^$,0Q%YF?D(@/B;"UIG&\U(\OT M<9QX:9Q@Q-EYNP="F^F3Y@V@BHI>?!5\-6X)UW/(Y]%J.U.`U]X.&%'7(":I`S MDB#N04?06+H`#WB.P:V2,SH%UKG!(<]SDX?W#&O748W!*N`<9F;!D[JRJ@%I MXT)#B61U":,$[D$"TU(#J9S)1.N3[I>:M=3YB[`MYEC"[+=AA!%U84T5Y,.;/B,C%.K2$06$ZDU M?\M8`(N9P8BA_>VB*.5T=HY>"E#+U.A+2&@)@&WDX>OLU111=8"%(.9@&5T^ M]T$%M53]!=YG3DTO3ZJ(_*E/R1!"YJ ME%*]5$6BQ-?V"(QCXNM<.]#&F[E'D2W>/L!D!+!@(-*><2$*ZGG]]G1).T^U M&>,!1@Q*FY',.`QCT%@5Q'A9K"ER,P3MH660P`P\,A=H(K$XTH.XA;`'UT\\ M=`!&`(*_T%`Z2%B2:'0^LHI1XNA<9A67'PJJXL M0B[BB:VD2IG9C34&2J^P2&Z@(88AYQC8 MVU;[ETR!W**!R3S) MG=)EB"^8A&`%`=Q^%;OBTL#."^?I"D$PB"'%XV+\=0RK*?#">TQ@2"K&&*^Q M](M&8"KT;_6H#&N_)=-)$9OB.SS!4NBWP#V_`2OL$L>Q7AR3RX)I6^HAX:A> M'5Q9`YIGEMH`X#Q\ M%4IS9W/,-:+[S'5[TZ?S'5MXP/T- M8">G]A1>U=G&Y9G^`3^W!?\W4Z-9=HOXLKB"1XS"`#Z[*O0J^,6]V;MC,H*F M%LH*75@;E'D"%S%DY^.%Q`Q;A/<0MRI;C:L$K-M/L$L7N";S`4@L:UQ>KV5: MNO?JY:PR3ZN=WE`ZO>Q(3N;^3MPIA]A<[@@Q@BPG('W*LJV[4C90$8(X]5/G MNJ,V1=CXXOSJ6BAC%K![,DFXVC:G@3INII5I$S$RD#:7IR;!,*!(S%78(H.C MBJ;!*<\,E+CQ47DY#53;?X-<:H<*:#',5Q8)S'3N(/*CJ4SD'?+;E(/)A`W< MPK3Y=$FJ!GF]?\E,&=R5NU]*A!&TL?$8MW(A)B?`;G"7*2U8$I[:O,/&`QUU M/BB5#S/D8.0B"O(P18BS@ZDGDP-\5T@P(D#QCN4IE=Q&")V*6-Z?W3+0[R#5 M3)7RSW8:601L]_5V0VJ$C/>,W:30PB6)4F>^559D MILF1,"K?97YUOJ-DG[!]F+YW^_U(8B[O8SP!U?`Q9N5WN'ZK1Z"/^$#X#WVF MI)_G=(DZ'EH-)Z7Y0;!FNES9SBR3W2%+[\$`$P`KWM4[A42^S50MTHBB#K4Q MG@&S&T\QO+O3!XQ8LSC3/=@X\2'J&BD*>B%.I94NQI]0N%C`9.0 M.>D9&EP\O,Q(^V"+A)'HF6OSI#HIBQ*'ZJ!#2"W&\;FYC]?0$\WT!=DK^NJYU(+_/J>>EWVO/_SWWXBDVM7XX M6$JBQ%GT*=\1"S.7!A=Q.,^;XIJ1S;VTN:;8&_WPDFAHQZ3?Z;,SVWH>\LQD+1+DN/R1%3GVMN)Z\I$;LUL'NM@67MF^:^Y?)3PGV\J$..&1Y>&Q%[$R,[:O5ZHY8U M&.Z7XKXE=84.U">P=W8_"UWPL6Q5MQV?QUQ]@GFLZ*+=7S=VNV>UK%'WJ7CM M4RH;I&1FVNE:W-1S83\!F[Y:/";'6-7\1-7I^U.KWNZVC MKO/BB_'K]5K#7O?%$ZMN%HAI']^'T#9@<8-:MDDPV?>VI'H,N[T$8J:-'JAO MM9SNZ&L&"(;?>HJRL3&)2O]>TM-^!+93\;:)TUY.?T^`V2M<6Z?*L(MET_Q4D,J!< M4\^FB]WR=Q:H*HHD2EFJS,J&5,5.HG_\C#)7M$>49;UN7028=X5-FODHEGA/ M/783RE)*&*OZU3OQ,2J\EN>GA=GIV]J\?]7GTG4!?,JJA\L*?I?J*4&O5;JR M4%"FRC=@N=R:R\?^(=W-X^K2E958_J-K*V4979ZT:Z4'0BO+2:4<2SA@XUOJ MRY1F'5:8EL;D`>8@LC),7FI`\KI45>)RLV[TU!`^(S69R*YYU@G%HJN[V0QWU+I:=R$%F!BZ#YH1^T2M.B M+2)SHN/T>;U4+#!:+%I]^H+/"QBYYVFLABJIPT13H*6RQ"(U;7.,VBHR9BJ- M+9(YUCMGR2QCRK4@5LY@L2L72K4T""X+9I03E M/-$[RGV9$D(42[,FIUK'OX@:%("#KAN^B`I%1$DB*R$JJ*R/D72ZY<-3!BPY MQL/O.LGNQX..O1KWU=<02PE@K\5-!+I%94W5]^=:O@:_4%;!PZ0Q5`H*AA&? M&C%6(W_FD;?I)29H4Q4U!I,QD?.,D[9MY&51]1%2:J43*VVC" M$S-UU9)A M9F*6GEX\5^7/CMU?SPL)*[?)29P)68P1]J7`R4SK/P"B4*A#@W2\$>#.BNUF M3P9GZ"FZ#AHM-_!85X`WXW@1PDA%&U?$#+GC`G"?./0O<.5)@/X$;FF&-8>> M)ZC5:3+-`4SZS&7NZEFY>^3_ZSPIN97 MN#@-'Q/>$K0*%ZCA3K6$O]R<4B9JI\A1ABY9V!W/51\@_M(RAL,$EU%7_;5; MR''Q3A[7]$!7_/@!4$L#!!0````(`*Z%KT!P;,T*STX&`UD;)$VQ#P$&1CK'1&71 M):7$^?<[ZLVV;$E48IM,$,2Q='>ZN^=X/)XH??BXF/GD`81D/#AM=8\Z+0*! MRST6W)^V;JZ=P?5P/&X1&=+`HSX/X+05\-;'/W_\@>#/AY\2QQ' M0^Q7"#PN;J[&N=AI&,[[[?;CX^-1P!_H(Q??Y)'+]<1=\TBXD,OZU+\=78_) M%5`_?%+$\O:*_-(;D>NS(8KPT2WR=A@)`4%X>QW"G/3BTS=SCX9`_CV_4E0@ M;SW).IW?OG>[O:/%!%TPPM-]TNMT>^W.NW;WW9=>I]\]P5]--4,:1C)7L[/H MI#\)^P=4[%M?_;FC$@AB&LC^0K+3UHIS'H^/N+AO]SJ=;OO??RZNW2G,J,," MA:T+K8Q+2=G&USTY.6G'9S/2#/%M)K9H30RR_*L9$$A)C M'!LS.(\"[^MXW%9D;80JFF$X#`+O+`B9HIEP,8O51E-BN5,!D]-6$A.."H+. M<7+YGW6XPZ(V@@ES6=A,:SU9>[6&RNFYSQ\UXJ"2 M;=EP*/@<1/M4K4J3]<:7X%/4_\\?1$TD-15"FAH M6\>Y\_$>>TKDJ@$[:X(?Y M$57_G#B=;EK__)P>_F^`8VEI@4_OP(\O^A]:C_&3G6X;5E--/!@LZD/-E0_4 M5_$["(=4B">LSN,"N=0*3>ZBD2N1,Q`NX<(#@8NE3B>[$!7N6L1LUJ`I15M& MLR0Z'41]EO%/!)]M\W;J6?X,&U9!P8NWR".P^VF(:IL',9LJ+W$PQ$,?[9BK M$8+S4REVU4QZD/7,0*9CKYU(#5Q71."=`Z@)]W,X!7$%.&5$.$FY@,%WYY>/ M-CUF/>2.S2#7Q'X[$;P4,*?,&W@/&(%,8H*H&&&;I'KHO#4UKLILLQ.+.'YJ M)MHU&CWOOS/C_2W6V.GV"T;OF,]"!N5N7Z,QK?"(/3`/ZU%Y29]4ADD;CIB! M/O'`3;Z46J+';+S$V0+*>G@U<8*=<9=.'BN6-@)2E]UXZ5,+93-'6`LFC[#0 M?LZ0U.(U7@?IP*CK`CLQ',$$4$TO+>'*4VB1SG@55)\MMYMF)PZ;^:!!$K2@ M*GI&PK,;D+B4TX%CDU`/C/<&P2@SSDXHLG[\D,Y9N+ROL;E8*]*95CR]$5/0 M*YTS2LVHX3)>II;`L1YA6J;;&6Z%NT":J-5P&:](M5#3,MU6U/)LAN67;LJH MX3(^UK2L*F+XS+1N0B? MD(3+IGMB:3%=7@XM"4QGA"L(*?/K%C8%*N,CONC@]?C?:I.="3F],T#],ZEB MN@Z',G+C6:H:D&HK[41F'(0@0*HV1=913!+-Y[G:GEIU/T2'U7C7IAHQ?>OM M1"]7<\AEO.?G;#&'0%:M4,LY3!LS@KD`EZUM;MG2>UHE,IZA:P$HMJ$V3;0\ MLO0CJCR2#IZG&\)2:JR=V*3K:31KX,U8P&2HM'^`5/NZ9D(YG_%LW1`W34?8 MB6)<+2@[EV;6S[G53,;[\$W'G88++`;ON>-0C]EX&_\Y8+[J$9EO_U8[ITO1 M*U`9+T&V:ETROY4BN8F'8T-72,.VC0+?RM#*$=`(L*VTI@U80R)]W@"\+[S0 MV]<;-57\QL=3!53KD=?0)78&9ID1A>Y_8UPW^(WGDA?C6N(2^_O-FH_1Y7WH MMY5]Z%0:80')Y)%$('F3BOQUK4M]B.=,JA^^RRU[5VT9,I*8TZ8N.X:C4NQ2 M<-6@\OYZNI'@C8,\G`X($(CZ4G5QZJVC9P7R36=.)*GG.KG$A7 M28Q/*[N!<>/!B8(/[)QD]M;9VV_IN7.\7D_[#U.L`"IA!,DG&JZ6=TOKJW?I MZ[(;;SCM`^5FOGM5^!>VN#;%?X/=>,/J@/B7^.ZUX:^[,[6!!..=KL-&P:O: M^KIIQC"2(9;?`B`"Y[I.FJXNM(DR; MBPDY7@)^X0,7U[$"4&LO4@I"39FCP6GKNJ,"S.(N.TWO:/:0+0GFS[%YHXF[BWG=SLW2>W-/U:SP`E?L<0&_-U=4Y18K._[%-[WE M3>_WZEU03+H^EY$`_))3'J`QO_':MURMWXIJ+4D/H%>#5[WE&O]>U!B%9-OR M40Q)Y9`50221=`"#M-X!EYMR4C1ER:[NA*0"XC>'92(.8$/MF^$R_;N=HOXI M:^S[)[+.?(C[3V5OC,LU[A8U7K*0C$]CQ6/_`]02P,$%`````@` MKH6O0,@_W@R+!0``#"8``!<`'`!D`L``00E#@``!#D!``#=FNUOVC@8P+^?=/^#+]-)VX>0 M!-;;P<9-7&DGI-XVE;7:ATJ521Z*-<>FMC/H?W]VWH"00+B&MKIJ:B%YGL>_ MY\UVG'WXN`PI^@E"$L[ZEM=R+03,YP%A=WWK:FP/QJ>CD86DPBS`E#/H6XQ; M'__Z]1>D?S[\9MOHG``->FC(?7O$IOP]^HQ#Z*%/P$!@Q<5[=(UI9*[PSBDHT#>2@7NHTVK[R+9KF+T&%G!Q=3G*S7,:"0%,W8P5 MS%$[OGTU#[`"]/W\TDB!O`DD<=UW]Y[7;BVG.@1#?;N'VJ[7=MP3QSOYUG9[ M7E?_JXFIL(IDCNDNW?0G4?^@P7[TS*\)EH!T3IGL+27I6VO!671:7-PY;=?U MG.__7(S]&838)LSDU@--,IA?`!$)^F2:W]X-5ZQR3[G2&V1W($?N*A=*SH3R[CW3>AC`E/E&' M4=>S=51OL)R=4[ZH40<[U9IF3!8:NI^J(-@TQU?!YR#4PWZ0HF33))]!)5>_ M@K@@(5$09%4S(_,K5J?VZMMHFGY`:3J5?YGJ2$V)DGK*N^!20HW2JZ/=-/$E M4)S&Y^&;P$QBWP#4H-VGV7@_1Q,)]Y'NS+.?ICUKM'*%QBXR+/P,KDQX?)7B"TQ(7^NL$-2Z4?X"#(R(W!QO;.^K*QIA^+/&2C3&/]HWZ* M18DZVM`_/G_YUC@';FO*?->D/Z?B*)%'KZ\8C@*S"+]Y"M@=V^6E/:@T1AC)[*#&(7J:LW)1LNQIL4+DH; M6.$E9SPD(),^CJ032?L.X[EIYZX#5.573%-W;==+GU%?I9=O#0]_<*=^9"!304/]X4T#1_?Q;\>8HUA(2X"$'W+L5T.;R>P[3Y_K@K$PW1# M69&C"NE&<[.]N]V3F)U!YS7P_^?YN?5*_&@J1=E>[Y%3XB-S&+M8E<;."TAC M>LJ4[1).\9PH3`>^SZ-5=+;2N5/KMO&L;CZGE6=L=POQ@^@K%[;GSU?A<*MF MOG9J':$-&T[8?OS*C+V`E!6P*Y-4D+M]^RQIJ;L9+*-]P7V3'Q";L]7*%&Q( MO?`$;+-6;A>>/_SEK3LD4@DRB38.D??U19GN"T]570\J-PIKIQ%.R7'$TYY4 M;+TARP\E3G8?2FA%%&L^]4%+\55:#OR'.6TCTCRE1@+TEUSR^%!;K]5RJG=% MJI7H\;$.>).6`_]9!-9&LC,U;0:E=M":(918.KX_M=ZPY9YTBYZLU$T)IP;B M@]G,Q/%=V/O:+`L``00E#@``!#D!``#=7?]O MV[@5_WW`_@KSR`_)Q\=OW__PM/;0(PDC-_#?G9R]/CU!Q%\% MCNO?OSNY6?2LQ<"V3U`48]_!7N"3=R=^AK)?B"^$X0WK0"^Y1;`-5R1/ M:W+Q\6IAHSG!7OS,A*./<_2G\RNT&`YH$A[-ENCC8!N&Q(\_+F*R0>?\YYN- M@V."?AG-F12)/CJ1>WKZM]_.SLY?/]W1++BB/U^@\].S\_[I7_MG?UV>GUZ< MO:5_-6'&.-Y&.GK6_^5ZO%@]D#7NN3XKVQ4YR;18*C*]L[=OW_;YKYEH1?+I-O2R=[SI M9W#RE.FO;HU\`4GD7D0_T4.2=9 MYO,<#`./S,D=XF9>Q,\;2O?(96P]29\]A.1.#L8+PS[3[_ODGA:VPU[T]QY] M5_*B/Z:/3Q`3HOS-4^$I;*/^-NK=8[Q)$O'P+?'ZN4[?-,QE$&-O'ZRIHG'` M,Q*Z@4/K21CO`[NDWA'XH;\7.PK*9>!<:DP_E:"3IY@VH8Q43[EY-=4K>1^K M]6G:>>K!JI2NQZIJ$$KS),9/@1^L71*]%NVA+WG;)UZI9E4?KX M4]*?>#-:0O1#-,`;ES+-6JV"K1]G;^4FOSO1U.F+)C%M*\SLPN&J(7-2B?XJ MH.W6)N[Q!#(L=V&PUH:2YF2@J?#)N\W?DV0_A:(PJ"06DHCW>*U*OVA5FQQ. M4:X]JL7\">+W;A8G_TAU4*;T?7^7?R+/2WHJ<6:XH8);)(@@!8HL<04H#4AB2_T,_&\G_S@B[\@.`I\XMA1M"6A)`<:Y,UZJPVPRUZK0A@$ MKW00BN2RHVQTC!'3['UFJBC318GR#Z!X]B'PMGZ,PV<^-R[&F&ODS/)*`;/, M)T$($(_DR.KXDVOP"7U@I$E;T3G9!&'L^O?)\@#U&%`A;G@@70M:&$]+90$1 MJA:@DE??1"C72-=TH#0E6`3CG!_0/OD^"-61&4'*+)VD$,LL*HD`(H\,ER(B MDZZ82F5!<62VO?7#(+U M.O`7<;#ZO'C`-(>FVYBO'Z2-GKH]K54RW%%I&"!T5S4:1KFUR2(XX_K>JQFO M*D+,-1%7?8429530!L+$+$J5##.34-6(/I/Y2#6RIN.'2KAB#+$B"*(%:T*G MC"6FT8`TI,A50!*)A2OT:%20[(9$%:AR"N5B``DD8FNB#P\FF21/JQ5ET[N1 MZV-_Y=*:$41NS2*-=JJ=K"_3,$:ZS*Q&KW,"[@%6N>@,!7T M]LR*(A)'#5P4A4RR3@ZPR*^R!!@F26%5YE$6B^%R<0&($`,CHF,+F*^@HR@UK:"=$U6+5JY@DH`[X(N_JY,'030.DR+),!5$1 M0-RR5JMP2YP1(1&U8QH_D'!.'HF_)7.R(K0RW'JJUDY/U6A?V<*84@^JH0>& M>RW`BAR\\5>!YY$56Z(]IVREWEFJ"HB1LY!LL.M8SB.M+FY4C9O5"9IMV51` MR^V9*`6&24IHU;:+"Z*")"#"\"J0>)L*0TL2)BDB@5;D1N%G,*2H8A+9P"50 M(@*(!K4,Z*+PU>7>09'';&>R+"XNQ206^7*ZM,:`RGKLXEO7`X)HV2[6\-X7E_=[#ZR=D:5MY3IZ8)I9EH"KFPTLZU+>VPO[>$"69,K-+/F MR\EPOO@&#?]Y8R__!92K^K3LG(&:9(/,*VT*08H_7;F/KD-\)YKA9^;*IRMD M:"69T`),OBALUU,U2:@VQA09IJ,'AG(MP%8F<=C^-/=VR^/CSI:@.(!X,$`Z MY"S4K1:LU%7N(%"@:9`D5-"@"8:;K>!65N[1?/1C]Y&@:^SC^V1N9T0(RI(S MM21+DZ-L8_H>S::6IF%VZIHB4+-)#1(O-;$JXZA?`2>OR!VAMCAID$W5?XA2 M1GMH.<129UP6`<,A.:Y*%YM*(=J:!<8V@>_7JVHWXEWWEGH](QBF**%5IJ,3 M031\VA`_(I!\,!YU:^9*5$ M:(R+-A."'_H(E!#BZ4WU`2BEM-%IM7K(I;DUN2B8%J4>7\6S%6*8D*)2@B5Z M]G;*&PV^0.5);3N3R7Z3GNP'B"3EF+X>91ITNIM_T:!3K0(8`@UWVG08.F*;FJF$D.J4`6 MR2/*@&&-`IA(E_GPPW!R`VL.;DYB['KU43M!QBPM)/#*G"@(`")$%55E#PGQ M[GH1+5M\3U"8+%%TH07NTC67V!M&K)&KYXE*V'A81@FX$IRI2(*A4"V\2C#/ M7[F>QPXQ83,&F!\[$8);[FK[,:'9Q.8^LHGDI`>=9J"5O7*SHEF'1]>0LN_3 MI`6&?-I0JQY1HHBP[Z"`AP_!M6E9;]W0F7?C_]3Y/;"BA0(JZ..J01#%;%28 MS7,-J<:-;VAI`EW:Q*63!-"H-`"L'4?PR&TX6L+SE*[()RJK&F;A'"ZBC!XN9^[6%^?I4N'3,ZI@X]FCR-JKRG?AL M*MA2WTT4AA4N:((I70(`B$H3$B@CR)BDC!1>D28E`3"MCPR5R(3) M<(GLR6!Z/01$AQWJ$2V'04#[97]+V9W2//`C*T[V.[%%_\M@AD/=V?S]$S4_ MZ?_2#*BN#=@W13"4/H@9E0F>]^_GP_?6@+3,G>)&UU(JV0)#2%-"FU96B@P?K#_8<98,Q(6\D&>4WN[Z7J)PQISMP+VO.0!6%.CF/?JDZU[0L`8:(4ECJT^1_Y6*0-@_DV,:N3VSZ4>6@ MR@0[H4@%J)0FN10\JHC0:NC"1!&7K>7,$;-]CZV(YQW:FEVN1F]QI2ZC>D2-3!-K#[6NM/K:@-(L)K:-W`NI6N"6&EH,?VZ M(J_8K>&PAJ6%>X/8?1HC+_C2M)J\7J6CFYV4X!4W.E7DP=1K#9"U-SCQ:U&X M%LP=O+079!!G8<#VXCB7SS<1<6P_#V1:J]A]3(X\E$TWUG/S4(D;GOLX8(8( M7M,!4@93,PYJ3N4V(6OQ(QJ-IS\OT&@^O4;3V7!N+>W)>V0-EO8'<.<-TURX M<^.:29:B@.&+@P1@PC5!Z:]@:%6!)//;DXU_"!=6.[!#?^,'@@J!-D#\L)S_ M;*.8=0K1,I@35G"N1TH#E66@69V:KMD[RJN,GI1XQ,PJG;5XA/>`J4='-*ZR M@FCW*E8+P^QER-]55?J5X_QUD!IVFELAP1&Y(LG_Q?S1 MN?2RA;[AZ9YV9@DS.GK*8"I#6\05=^2!?B,1)3/"7)YOTO%V9T(!IRQ;B"]8 MK)]34N6.R5IC4`-3)9J0::J&*S]1%4.[4$IADW!T>;L,J2@#8*/"(`TV"IK0 MV2B'J[[UH+R#!VT2->809(LZ`=[5H;9=[[#Q%OHPN*MQ-+FV\E?`8+V#S!6[ MT**,Q*`).Z`^.?6\PRNR87?'ZS.UJM@M156&U'-3U`),2@74BA.:BB$GE2N< MA.2!/#?[92'"H\0=OZ9@\N&#R+#V;1[$%EEX4"O*`+^>V/XCB8XU"=,Z<0#U M9L\,T:@_+5,&TYD*>U^FWKAH1FB[-E.4!J8QX: M>F97RVB:45Z>T:`$AK*Z2*M19L?EK&5#QTWJF0-BGWY5?'%=AMH8OZS!_2J< M$S5NI2.RI8HLROCN2$M$X<`._WS!"-.M$R93`M^D'-:7)" M1O;$F@S@.R%LO1A?AEAL"+5NM7P!?78*A-\,N:V:_"]5#C;G0][C)5F*X'L];R'?8?NX[K M$7NLEL[XFF\Q7*K(LW9)&#UH>P_C2H=OM]"'Q>,]D,LVQ%X-!_.AM6#G$R'N M#5B3J^0#N^'O@S4>3I:+CC9.R$VT:/T-PV=:WSY@3WY%B)8BS/UL[:!+_3E9 M"2)KB2Z'[^W)A#EWTQ';X6Q/K_X_"Q;@[IEVP%L5ZY`^URI0T]MMMIN-QZ=U ML9?M[K#]NR!<\Z%)T\X;76VCFW#:F53:CZ.G"F;8V0YO99?.S6PV'EY3BEIC M=&4O!N/IXF8^9#S-AYRTQQE-Y]?6TIY.`-$VNPEGAEW52*6%^D';XT`-UV>UCV4+&"8ZI MK8JL4PD;O82G%G#I.AZI)!@>UL*KC[\Y6Y('X-C6$F_K)!&.W54&Y"`7>CN1 M>WKZ-\J=L_/3-RESKA8V??9I$L0D6@9IE<%>OM]7-0G20L\$GUJ;P:BEK=0Y MR]HBK31G3)$%>G/5W2W,D()FT_`>^^Y_N:\[H'4C\%PG<7Q]9T8SD_G%[.OT M3I('N\9]29[B2XKULZ*R'OXU1H\6/5(FE M49S\6AW:I6R85?K5IET2AG>$MS9.V#.NK0^&RGN`5FT&`,33Q>J!.%N/Y/.9 M_/C6)FHV:AF-5^F94(I3U:N`X9P>SIICR68D1-D)XX5C#1!+!R0+\TU?):?] M&CMD&5RS+31T@'E-UK?4CFDH'/Q_^5Q4TN?P4=[930TX8O;)Z\\17@BP]AW/ MRLH2U?P<07;T4W*22;)+AQVW`&K*?4X\G!Y+_+P,L1^QA0$T6_0]G%8IF+WO MO+5IY2O1M=7!D+T]9I&Z:0J\GWE&Q30`D797IQ?;VXC\MJ7U>OC(%Y-K]Q&(E4J]/2;=6=)]_BL` M53R)QF,\CIB-#><`%/?-P\E0&:KJ=4U:NZ2/ZIO0]FPKS]?L-T"96H%4=1L2 M@8ZR\T"WV<+)\&:,E6-_\JW-7(6/-C*EKDNE_7U>`$M"XRCY71FDD9MOF?A? MNCN^']:A`W`*]4"&R&)V?'W0K'#FP++[OZ`=/7;IOT*[-Z#=*V!1YO!; M/,%3H0YTRV+/DRH4>V?G^Q]T5Q><4M3#69G*2;62`]JY'BHJPJJ%A]_M!*?\ M]@#=LA;F275?"XWN!()3QGO!EBZ_9;XM_U!(YQ5*4D)94NC;+#&9`U9\-*:? MZ./L$?WGEFK1)_\#4$L#!!0````(`*Z%KT"0NZ:Z*@X``/W"```7`!P`9'-I M,#`W+3(P,3(P,S,Q7W!R92YX;6Q55`D``VC`LD]HP+)/=7@+``$$)0X```0Y M`0``[5UM;]LX$OY^P/T'718'['YP_)+M=I-M;^$ZR<'8-#'LI+L'%"AHB;9U ME4E7E)SX?OV1>HLLBR*I2B%=M"C:1)ZA9^:9(8?DD'KS^]/:L[;0)RY&;T_Z MI[T3"R(;.RY:OCUYF'6&L]%X?&*1`"`'>!C!MR<(G_S^K[__S:)_WORCT[&N M7>@Y%]8EMCMCM,"_6;=@#2^L?T,$?1!@_S?K`_!"]@1?NQ[TK1%>;SP80/I! M_,47UMGIP+8Z'8EF/T#D8/]A.LZ:707!YJ+;?7Q\/$5X"QZQ_YF?+R-0OY.`I]'Z+@XRR`&VL0 M??RP<4``K;^NIXP*DH\.<7N]UU_Z_<'ITX*:X))^?&$->OU!M_>JVW]U/^A= M],_I7TDQ`Q"$)!.S]]1+_L3L;ZA@GR_8/W-`H$4Q1>3BB;AO3W+&>3P[Q?ZR M.^CU^MV_WM_,[!5<@XZ+&+8V/$FY6"ME?/WS\_-N]&E*>D#Y-/>]]#O.NJDX M6"/B<)<2]()-X-MD$0N:;P:RPN!?NMDY)UV*-.?]`YZY\^$>1V%25J-V5#Q=O3V*?Z#`GZ)W%7_^##'>PV]"P(RZ+FA.K^]42OP,>L_-L M!6%`Q"*6DCNOH04MTNX M<&TW4)-:KJU6M0%D=>WA1PD_J&1K6L9X]/#$4A4(FY9CXN,-](.=6)`B9=.2 MW,(@?CJ!_HV[=@/HI%ZS3>8$"CA M>C+<34L\A1Y([+.[]P$BP&8"2$@KXFP\GL,Y@5]"&IE76Q:>$J',X:B2;.-# M0FDC%&[H@ST6^!30O`PZ:4-,KL9&3_J8M4:SG;[5L5*._(\T.;5B=BO/G\B? M:D!]:$_HR*>P+S%(S\;TV:=N5[F9`L? MK]5-G)@3B[7)&Y[*80(Z(ZH>'>W&--:>_H`[`3P'U)+X]`T%B*.](0BEVMW3 M;Q)V`S&1)!X#X_`HT]4P&&B*XV*JE\.FWD(\"M22P)P9"TRI]H8@-*0".DS( M:P\LN<@4J"01^=DX1$JU-02)9"7KVB4V\/X#@2\*%SZ#)#ZOC,-'9`-#H(JU M^A-ZWA\(/Z(9!`0CZ(P)":$OR`.X7)*@_6(<:%+6,`JY#]@+J67]7;0&3@2( M'5!+(O7:4*0XVAN%4-(13.$&^X&+EO&:NRC%YC!)XO6KH7A5V\(HV"*/&M$. M>XE]T82H0"L)TKFA()5J;A0VDW#NN?:UAP%_8:2$4GJ::B@P)6H;!KFJ?`;YJJWD!]=U4R:=TEDT)+1VB"0AK;MA]"Y MAI#54=P%*^A/X1:B$$ZA#:FSS3U^C,DQ:]Y!D0%-Q0H&@3?QX0:XSM#94H]S M2=6R'UDV]5 M&QD4>WG159!4!:VM#1%ETW.!,Q>C2W?K.A`Y9`)V+'=)-G&HOK<8V?$O_"4C M*6;-.R95.&!U;8Q#,,E(K>:5&! M4-82!N%WF:1AR7R0WVL6Z73OAKJIC``KB=:SRE0::X3XIH55\ALG.63P@K@71'F32((>.2:JX#D ML*C6U2!0QBB`U(!L(3;=*XDC_F[#;FVK*BJ18=5<_2,'EKP-#`(N54TXD&BO M])'MO?;U^286?4:81#<473UM("(2HS^?07/5D%(:(%+;H#"ZA-20MKMWSU#) M[DZ>2'-=D="XF"^Z<>;/>MA4&WXZ<$BIN?Y'#0BNI@:AD2SX49V&SMI%T25( M@;N%BNN[*F!WQ&&7>IC16W%@]@AA^Y"GIJC&4_U;R)]SZY)93>,P5?RZ2RT:0HX?\6+C'0'LA4UO9=@/^'47 M:;PD[!SC&01[EFI(#,6EM+HK.-J`L\(HM3.O+?3GF$!#&\3\6F MQI:Z2+X[)2N!^;FR!"9IS7*1E;9GQ0U:/R9-_F12@4SN$&J-L[:2W+I[ATS, M^\H+*8IDHF@]<.PV0E8)H/T`+NJ37[0S!A(:U'!,?^0G966D9D&SYU8<#'+" M9T4+)N$0.Q1[I1Y&K#,;/KD2D)1S'1\ZY7KDAV/=0!4DO,1KX/)WG#G49@%3 MY7*%6S7+U7G&QP2$M!SX,!4Q@5JY@D?=L&DY]6$J;`*U\IM(NG%K_>Q'V]>^ M'&0^JJ<^ZEP;3+_=#PQ9HFES>ZRMW3%9]$0;8\>\M%;>.URR'7>V"IE_1:'P M6&HIK^:JWYH16F4'@Y;*:O:;GP;:"X%KXL(D;Z3O/+QRW9`5K(.7Z&:+5:^J M%ZLHHQ5Q&KHDE6FFLA)5PJ0[YNAHP*2:^)@=#W#>[1X(=,8HVX49VH&[C>\E M*MO>$2G?5//&7$;-Q?U@D&W0K";UT=&[B2O3HCR)YHRV81B*%R(7+&$03$/G MOR$)HN[T'D^AC9'M>G`O];O'DJ81WQS?RI=I3J?;=)TVT3'("=L[@=+:G=IM M`G-,IU>HOCX$!%["^/^\AG*ODU!H0?=]W2\&NK)5S?8(5MM>4$#%'4K9]1\& M5$1(!'"%D!KNSUDPHM:#Z[V!K&YM]@>2C[ MB`YL=`CS:;;!KF]7P?>05?-1Q\:!Y1G'($2_;A+2TJJ,]B.4;4[-FK'XMW)& MK,P48[2%I+VE0>7F=1\(;6QQL*9A#>JN:`:43*.&]I?0]2%5T0F9-E`P/9#@ MU'V,M&'4L*+ZQH$M;X\&N@#]AT_;A%_=E-_R`).\=W7[#C`WT&/H/RK?I->JF_";&H_(7$D^B"IOB\@'7A]0:T7T.OTTOJF/.;]B/ M-+W@NZUUUI?W'/&;P8^][/@%'$>A6+*U:P.TNTZ+=9?:2A/#S<:+9@G`2V<) M8[3`_AJ4O;7UL$I1EE_W!0+JLR%%TQ@TW4FO;YX`U^$BMT^D^QR_JK%+KZO. MZVL0'*D^[+V.],?GY1GDE/1==*9E>YB$/A3?C?S5#FH;,J8!OE' M\96\MR"@`O,KWSCDLEBVM=+9&#*5[RO>-XY1=W`D)T0SV;(S"[]8'>M97_I+ M2EG'\1SB4K-07^H/>F>))\6F^G2+`TCN>S$>)%3PE6W7%RYR\!N,9K_(KWG$.3]HG"G5DL& M-RIJZ72")N7![C!L7Q?#-B/]'K>*9S\BLTT\$+W?FDVP-DQ&E9A4:^0XXZV. MH8R*I:SX><)>%UQY>5869;\6HXPVDKYWC39C)>U8N8:LJ*7O0:@TT;=7T`D] MF.WH1'?@B>-.R'>(_?`P26=.+S'J[GM/.Z\PO7R+S; MY9E4PK&5;SWV8&X1"J.Z@BGT0#*X[NY]@`BUS5XA:=H-]'O%;B!AC<;3G;7' M_+T#4'O?7#D&*EFM4AO'&9PUS&14J,W".8%?0MKPU99I>QAB_6*(/;-8"<_W MR*HWM!:-KS)`5O`>9R0IF$4I@I)/V#]S0"!]\G]02P,$%`````@`KH6O0)]F M2HP(!0``>QP``!,`'`!D'-D550)``-HP+)/:,"R M3W5X"P`!!"4.```$.0$``.U944_C.!!^OI/N/_@BG;3[D"9IC]VCV^Z*`[JJ MQ`&B@/8!:662*;76M8/M0/GW-XZ=MH2F2Q?02<=6""7V-Y]GOAF[9NA]FDTY MN0&EF13](&G%`0&1RHR)JWYP-@IW1KO#84`^??SM5X*?WN]A2`8,>-8E>S(- MAV(L/Y!#.H4N^0P"%#52?2#GE!=V1`X8!T5VY33G8``GW$I=TFFU4Q*&CZ`] M!Y%)=78RG--.C,F[471[>]L2\H;>2O5-MU+Y.+J1+%0*:$A.@')S M9\'ZXH3\T=XCH_U=I."H@[[8+90"82Y&!G+2+J?/\HP:(%\&)Q8%^B+3+([? M7R=)NS4;HP1[.-TE[3AI1_%6E&R=MN-NLHT_CW334%/HN9OQ+/8?9][3Z02F ME&#VA.X'2XK<=EI2747M.$ZB+_\CLK9"OH`.;M4 MO*+N1';ZDFJ8,^,L6X-G0ALJTGOXS,P-EL%;D9N\!V4KH>\%Y2S,8,L((:J*S`VV3JG*3R:MZH=*H3$&L'-Y$?L M6)XSK"$<^*5G$]15DL/I70[$/N`6^MXJ%A9A*1;6\QV1[0O#+&:,091K!81E M_6`MPJZ.OI3K9S!F@I5.8NDF)"25Z?(C%1EQ/&2)J!?5*9:("PW9D?A8/N<* M--*41@[4U%X8$SDFSORG MYBLUWYU0<05Z*(ZI,GAYT/O7!9X">%RRE)F'N?@.OCE'?Z[-D:BVB.1_;]7PL>.RY[9G*>[WC>N6).`'TSA7\W:FB0M/4KNR3T#C; MF(`DKB?`MWA55?XBL&UYI->06RY&O:065N MZGKXI2L*JM('+`_:54A2?@\ST,L]*><\,];\>&D98M?!(HB>)VA.+S<-&DV` MOV"T!Y;_FN:S0?^*WZ-B7T+*[O0#H5).^PDK9G.%IYNXL1" MALV04$]=:U4F.@)L%8;@@W-2G>C/[!]T1 M4K@WY'N"-ZN:Y4\4R(XT>^1[ZJX)7?;COZ[K1>]<:J/P'A24,:SO6R^PU#_U M`Z,*+#S!.![:=O.Y]_)?'5W,0R,+$U=#`U*)0&;PX MX**%17Y6LL@K(/[M,ET?Y*$TH$_E@`G<6(SR19^D'N)CD/]A@+W(U0<^_@M0 M2P$"'@,4````"`"NA:]`(TW(\`\9``#"F@``$P`8```````!````I($````` M9'-I,#`W+3(P,3(P,S,Q+GAM;%54!0`#:,"R3W5X"P`!!"4.```$.0$``%!+ M`0(>`Q0````(`*Z%KT!P;`Q0````(`*Z%KT#(/]X,BP4```PF```7`!@```````$```"D@>,A M``!D`Q0````(`*Z%KT""-L)?DQ,``-/\```7`!@```````$```"D M@;\G``!D`Q0````(`*Z%KT"0NZ:Z*@X``/W"```7`!@```````$` M``"D@:,[``!D`Q0````(`*Z%KT"?9DJ,"`4``'L<```3`!@````` M``$```"D@1Y*``!D'-D550%``-HP+)/=7@+``$$ ?)0X```0Y`0``4$L%!@`````&``8`)@(``'-/```````` ` end XML 18 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
 3 Months Ended
Mar. 31, 2012
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 Mar. 31, 2012
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? Yes
Entity Filer Category Smaller Reporting Company
Entity Common Stock, Shares Outstanding 24,000
Document Fiscal Period Focus Q1
Document Fiscal Year Focus 2012
XML 19 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Changes in Partners Equity (Deficit) (Unaudited) (USD $)
General Partners
Limited Partners
Total
BALANCE, Beginning at Dec. 31, 2011 $ (88,346) $ 2,030,793 $ 1,942,447
Net Income Allocation 753 74,554 75,307
Distributions (1,515) (150,000) (151,515)
Balance, Ending at Mar. 31, 2012 $ (89,108) $ 1,955,347 $ 1,866,239
XML 20 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
 3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Subsequent Events

Events subsequent to March 31, 2012, 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. Management found no subsequent events that should be disclosed.
XML 21 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income attributable to the Partnership $ 75,307 $ 117,101
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 8,789 3,039
Changes in assets and liabilities:    
Other assets 48,727 (41,981)
Incentive management fee payable to General Partners 9,057 0
Property management fees payable 174 228
Customer deposits and other liabilities (188) 712
Net cash provided by operating activities 141,866 79,099
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to property 0 0
Net cash used in investing activities 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Distributions to partners (151,515) (181,818)
Net cash used in financing activities (151,515) (181,818)
NET DECREASE IN CASH AND CASH EQUIVALENTS (9,649) (102,719)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 337,676 367,302
CASH AND CASH EQUIVALENTS AT END OF PERIOD 328,027 264,583
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
XML 22 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions
 3 Months Ended
Mar. 31, 2012
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 $23,948 and $23,441, for the three month period ended March 31, 2012 and 2011, respectively. Amounts payable to Dahn at March 31, 2012 and December 31, 2011 were $8,003 and $7,829, 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 three month period ended March 31, 2012 were $11,478.
XML 23 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 12 66 1 false 2 0 false 3 false false R1.htm 0001 - Document - Document and Entity Information Sheet http://DSIRealtyIncomeFundVII/role/DocumentAndEntityInformation Document and Entity Information true false R2.htm 0002 - Statement - Balance Sheets (Unaudited) Sheet http://DSIRealtyIncomeFundVII/role/BalanceSheets Balance Sheets (Unaudited) false false R3.htm 0003 - Statement - Statements of Income (Unaudited) Sheet http://DSIRealtyIncomeFundVII/role/StatementsOfIncome Statements of Income (Unaudited) false false R4.htm 0004 - Statement - Statements of Changes in Partners Equity (Deficit) (Unaudited) Sheet http://DSIRealtyIncomeFundVII/role/StatementsOfChangesInPartnersEquityDeficit Statements of Changes in Partners Equity (Deficit) (Unaudited) false false R5.htm 0005 - Statement - Statements of Cash Flows (Unaudited) Sheet http://DSIRealtyIncomeFundVII/role/StatementsOfCashFlows Statements of Cash Flows (Unaudited) false false R6.htm 0006 - Disclosure - General Sheet http://DSIRealtyIncomeFundVII/role/General General false false R7.htm 0007 - Disclosure - Property Sheet http://DSIRealtyIncomeFundVII/role/Property Property false false R8.htm 0008 - Disclosure - Net Income Per Limited Partnership Unit Sheet http://DSIRealtyIncomeFundVII/role/NetIncomePerLimitedPartnershipUnit Net Income Per Limited Partnership Unit false false R9.htm 0009 - Disclosure - Allocation of Profits and Losses Sheet http://DSIRealtyIncomeFundVII/role/AllocationOfProfitsAndLosses Allocation of Profits and Losses false false R10.htm 0010 - Disclosure - Related Party Transactions Sheet http://DSIRealtyIncomeFundVII/role/RelatedPartyTransactions Related Party Transactions false false R11.htm 0011 - Disclosure - Subsequent Events Sheet http://DSIRealtyIncomeFundVII/role/SubsequentEvents Subsequent Events false false All Reports Book All Reports Process Flow-Through: 0002 - Statement - Balance Sheets (Unaudited) Process Flow-Through: Removing column 'Mar. 31, 2011' Process Flow-Through: Removing column 'Dec. 31, 2010' Process Flow-Through: 0003 - Statement - Statements of Income (Unaudited) Process Flow-Through: 0005 - Statement - Statements of Cash Flows (Unaudited) dsi007-20120331.xml dsi007-20120331.xsd dsi007-20120331_cal.xml dsi007-20120331_def.xml dsi007-20120331_lab.xml dsi007-20120331_pre.xml true true