EX-20 3 0003.txt DSI REALTY INCOME FUND VIII (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) JUNE 30, 2000 AND DECEMBER 31, 1999
June 30, December 31, 2000 1999 ASSETS CASH AND CASH EQUIVALENTS $ 618,084 $ 483,308 PROPERTY, Net 2,225,522 2,460,088 INVESTMENT IN REAL ESTATE JOINT VENTURE 203,424 222,444 OTHER ASSETS 44,013 44,013 TOTAL $3,091,043 $3,209,853 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $ 623,597 $ 603,707 PARTNERS' EQUITY (DEFICIT): General Partners (83,107) (81,721) Limited Partners 2,550,551 2,687,867 Total partners' equity 2,467,446 2,606,146 TOTAL $3,091,043 $3,209,853 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999 June 30, June 30, 2000 1999 REVENUES: Rental income $ 529,876 $ 479,153 Interest 1,800 1,396 Total revenues 531,676 480,549 EXPENSES: Operating 295,434 280,457 General and administrative 53,601 45,962 Total expenses 349,035 326,419 INCOME BEFORE EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 182,641 154,130 EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 26,189 29,576 NET INCOME $ 208,830 $ 183,706 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $ 206,742 $ 181,869 General Partners 2,088 1,837 TOTAL $ 208,830 $ 183,706 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 8.61 $ 7.58 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 24,000 24,000 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999 June 30, June 30, 2000 1999 REVENUES: Rental Income $1,041,767 $ 966,288 Interest 3,290 2,952 Total Revenues 1,045,057 969,240 EXPENSES: Operating 571,474 564,702 General and Administrative 125,209 112,918 Total Expenses 696,683 677,620 INCOME BEFORE EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 348,374 291,620 EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 58,380 55,225 NET INCOME $ 406,754 $ 346,845 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $ 402,686 $ 343,377 General Partners 4,068 3,468 TOTAL $ 406,754 $ 346,845 NET INCOME PER LIMITED PARTNERSHIP UNIT $16.78 $14.31 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 24,000 24,000 See accompanying notes to financial statements (unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 ($77,150) $3,140,323 $3,063,173 NET INCOME 3,468 343,377 346,845 DISTRIBUTIONS (5,454) (540,000) (545,454) BALANCE AT JUNE 30, 1999 ($79,136) $2,943,700 $2,864,564 BALANCE AT JANUARY 1, 2000 ($81,721) $2,687,867 $2,606,146 NET INCOME 4,068 402,686 406,754 DISTRIBUTIONS (5,454) (540,000) (545,454) BALANCE AT JUNE 30, 2000 ($83,107) $2,550,553 $2,467,446 See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
June 30, June 30, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 406,754 $ 346,845 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 234,566 234,567 Equity in earnings of real estate joint venture (58,380) (55,225) Distributions from real estate joint venture 77,400 62,700 Changes in assets and liabilities: Increase in other assets 0 (71) Increase in liabilities 19,890 29,630 Net cash provided by operating activities 680,230 618,446 CASH FLOWS FROM INVESTING ACTIVITIES - Additions to property (14,774) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (545,454) (545,454) NET INCREASE IN CASH AND CASH EQUIVALENTS 134,776 58,218 CASH AND CASH EQUIVALENTS: At beginning of period 483,308 458,025 At end of period $ 618,084 $516,243 See accompanying notes to financial statements(unaudited).
DSI REALTY INCOME FUND VIII (A California Real Estate Limited Partnership) NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. GENERAL DSI Realty Income Fund VIII (the "Partnership"), a limited partnership, has two general partners (DSI Properties, Inc., and Diversified Investors Agency) and limited partners owning 24,000 limited partnership units. The Partnership was formed under the California Uniform Limited Partnership Act for the primary purpose of acquiring and operating real estate. The accompanying financial information as of June 30, 2000, and for the periods ended June 30, 2000, and 1999 is unaudited. Such financial information includes all adjustments considered necessary by the Partnership's management for a fair presentation of the results for the periods indicated. 2. PROPERTY The Partnership owns five mini-storage facilities located in Stockton, Pittsburg, El Centro, Lompoc and Huntington Beach, California. The total cost of property and accumulated depreciation at June 30, 2000, is as follows: Land $ 2,287,427 Buildings and improvements 7,100,557 Equipment 22,831 Total 9,410,815 Less: Accumulated Depreciation ( 7,185,293) Property - Net $ 2,225,522
3. INVESTMENT IN REAL ESTATE JOINT VENTURE The Partnership is involved in a joint venture with DSI Realty Income Fund IX through which the Partnership has a 30% interest in a mini-storage facility in Aurora, Colorado. Under the terms of the joint venture agreement, the Partnership is entitled to 30% of the profits and losses of the venture and owns 30% of the mini-storage facility as a tenant in common with DSI Realty Income Fund IX, which has the remaining 70% interest in the venture. Summarized income statement information for the six months ended June 30, 2000, and 1999 is as follows: 2000 1999 Revenue $382,920 $381,321 Operating Expenses 188,326 197,236 Net Income $194,594 $184,085
The Partnership accounts for its investment in the real estate joint venture under the equity method of accounting. 4. 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.