-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N7qrw5GjdZO0QfePeK98Zb+SfC+hYiCzAZtkGXSh1HoO722QbBUgbGZOscu7gPIj uJrbeJBfJ2KHmnMGyRYqqA== /in/edgar/work/20000815/0000318835-00-000005/0000318835-00-000005.txt : 20000922 0000318835-00-000005.hdr.sgml : 20000921 ACCESSION NUMBER: 0000318835-00-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DSI REALTY INCOME FUND VIII CENTRAL INDEX KEY: 0000743366 STANDARD INDUSTRIAL CLASSIFICATION: [6519 ] IRS NUMBER: 950050204 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 002-90168 FILM NUMBER: 701771 BUSINESS ADDRESS: STREET 1: 3701 LONG BEACH BLVD STREET 2: C/O DSI PROPERTIES INC CITY: LONG BEACH STATE: CA ZIP: 90807 BUSINESS PHONE: 3105957711 MAIL ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90807 10-Q 1 0001.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q /_x_/ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended June 30, 2000 /___/ Transition report pursuant to Section 13 or 15(d) of the Securities Act of 1934 for the transition period from ______________ to ________________. Commission File Number 2-90168 DSI REALTY INCOME FUND VIII, A California Limited Partnership (Exact name of registrant as specified in its charter) California_______________________________________95-0050204 (State or other jurisdiction of (I.R.S. Employer incorporation) Identification No.) 6700 E. Pacific Coast Hwy., Long Beach, California 90803 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code-(562)493-8881 _________________________________________________________________ Former name, former address and former fiscal year, if changed since last report. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes _x_. No__. PART I - FINANCIAL INFORMATION Item 1. Financial Statements. The information required by Rule 10-01 of Regulation S-X is included in the Quarterly Report to the Limited Partners of Registrant for the period ended June 30, 2000 which is attached hereto as Exhibit "20" and incorporated herein by this reference. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Registrant incorporates by this reference its Quarterly Report to Limited Partners for the period ended June 30, 2000. PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8K. (a) Attached hereto as Exhibit "20" is Registrant's Quarterly Report to Limited Partners for the period ended June 30, 2000. (B) Registrant did not file any reports on Form 8-K for the period reported upon. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: July 31, 2000 DSI REALTY INCOME FUND VIII A California Limited Partnership (Registrant) By____\s\ Robert J. Conway_____ DSI Properties, Inc., as General Partner by ROBERT J. CONWAY, President and Chief Financial Officer SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: July 31, 2000 DSI REALTY INCOME FUND VIII A California Limited Partnership (Registrant) By__\s\ Robert J. Conway________ DSI Properties, Inc., as General Partner by ROBERT J. CONWAY, President and Chief Financial Officer EX-20 2 0002.txt July 31, 2000 QUARTERLY REPORT TO THE LIMITED PARTNERS OF DSI REALTY INCOME FUND VIII DEAR LIMITED PARTNERS: We are pleased to enclose the Partnership's unaudited financial statements for the period ended June 30, 2000. The following is Management's discussion and analysis of the Partnership's financial condition and results of its operations. For the three month periods ended June 30, 2000 and 1999, total revenues increased 10.6% from $480,549 to $531,676 and total expenses increased 6.9% from $326,419 to $349,035. Equity in income of the real estate joint venture decreased 11.5% from $29,576 to $26,189. As a result, net income increased 13.7% from $183,706 to $208,830 for the three-month period ended June 30, 2000 as compared to the same period in 1999. Rental revenue increased as a result of higher unit rental rates. Occupancy levels for the Partnership's five mini-storage facilities averaged 87.3% for the three-month period ended June 30, 2000 as compared to 82.7% for the same period in 1999. The Partner- ship is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses increased approxi- mately $15,000 (5.3%) primarily as a result of higher repairs and mainten- ance expense and property management fees, partially offset by a decrease of salary and wages expense. General and administrative expenses increased approximately $7,600 (16.6%) primarily as a result of higher legal and professional expense. Equity in income from the real estate joint venture decreased as a result of a decrease in rental revenue at that facility. For the six month periods ended June 30, 2000, and 1999, total revenues increased 7.8% from $969,240 to $1,045,057 and total expenses increased 2.8% from $677,620 to $696,683. Equity in income of the real estate joint venture increased 5.7% from $55,225 to $58,378. As a result, net income increased 17.3% from $346,845 to $406,752 for the six-month period ended June 30, 2000, as compared to the same period in 1999. Rental revenue increased as a result of higher occupancy and unit rental rates. Operating expenses increased approximately $6,800 (1.2%) primarily as a result of increases in repairs and maintenance, security and alarm service expenses and property management fees, partially offset by a decrease in miscellaneous advertising costs. Property management fees, which are based on rental income, increased as a result of the increase in rental revenue. General and administrative expenses increased approximately $12,300 (10.9%) primarily as a result of higher incentive management fees, legal and professional and equipment and computer lease expenses. Equity in income from the real estate joint venture increased as a result of lower operating expenses at that facility. The General Partners will continue their policy of funding improvements and maintenance of Partnership properties with cash generated from operations. The Partnership's financial resources appear to be adequate to meet its needs. The General Partners anticipate distributions to the Limited Partners to remain at the current level for the foreseeable future. We are not enclosing a copy of the Partnership Form 10-Q as filed with the Securities and Exchange Commission since all the information set forth therein is contained either in this letter or in the attached financial statements. However, if you wish to receive a copy of said report, please send a written request to DSI Realty Income Fund VIII, P.O. Box 357, Long Beach, California 90801. Very truly yours, DSI REALTY INCOME FUND VIII By: DSI Properties, Inc., as General Partner By /s/ Robert J. Conway ____________________________ ROBERT J. CONWAY, President 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. EX-27 4 0004.txt
5 3-MOS YEAR DEC-31-2000 DEC-31-2000 JUN-30-2000 DEC-31-2000 618084 0 0 0 0 0 0 0 0 0 0 0 9410815 0 7185293 0 3091043 0 0 0 0 0 0 0 0 0 0 0 0 0 3091043 0 1041767 0 1045057 0 0 0 0 0 0 0 0 0 0 0 406754 0 0 0 406754 0 0 0 0 0 0 0 406754 0 0 0 0 0
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