EX-20 3 0003.txt DSI REALTY INCOME FUND VIII (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
September 30, December 31, 2000 1999 ASSETS CASH AND CASH EQUIVALENTS $ 721,346 $ 483,308 PROPERTY, Net 2,108,238 2,460,088 INVESTMENT IN REAL ESTATE JOINT VENTURE 181,012 222,444 OTHER ASSETS 44,013 44,013 TOTAL $3,054,609 $3,209,853 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $ 637,645 $ 603,707 PARTNERS' EQUITY (DEFICIT): General Partners (83,615) (81,721) Limited Partners 2,500,279 2,687,867 Total partners' equity 2,416,664 2,606,146 TOTAL $3,054,609 $3,209,853 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30, 2000 1999 REVENUES: Rental income $ 565,527 $ 503,289 Interest 1,917 1,346 Total revenues 567,444 504,635 EXPENSES: Operating 332,560 276,936 General and administrative 42,426 45,000 Total expenses 374,986 321,936 INCOME BEFORE EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 192,458 182,699 EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 29,487 32,377 NET INCOME $ 221,945 $ 215,076 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 219,726 $ 212,925 General partners 2,219 2,151 TOTAL $ 221,945 $ 215,076 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 9.16 $ 8.87 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 NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30, 2000 1999 REVENUES: Rental income $1,607,293 $1,469,577 Interest 5,207 4,298 Total revenues 1,612,500 1,473,875 EXPENSES: Operating 904,034 841,638 General and administrative 167,635 157,918 Total expenses 1,071,669 999,556 INCOME BEFORE EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 540,831 474,319 EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 87,868 87,602 NET INCOME $628,699 $561,921 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners 622,412 556,302 General Partners 6,287 5,619 TOTAL 628,669 561,921 NET INCOME PER LIMITED PARTNERSHIP UNIT $25.93 $23.18 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 NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 ($77,150) $3,140,323 $3,063,173 NET INCOME 5,619 556,302 561,921 DISTRIBUTIONS (8,181) (810,000) (818,181) BALANCE AT SEPTEMBER 30, 1999 ($79,712) $2,886,625 $2,806,913 BALANCE AT JANUARY 1, 2000 ($81,721) $2,687,867 $2,606,146 NET INCOME 6,287 622,412 628,699 DISTRIBUTIONS (8,181) (810,000) (818,181) BALANCE AT SEPTEMBER 30, 2000 ($83,615) $2,500,279 $2,416,664 See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 628,699 $561,921 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 351,850 351,850 Equity in earnings of real estate joint venture (87,868) (87,602) Distributions from real estate joint venture 129,300 110,700 Changes in assets and liabilities: Increase in other assets 0 (1,659) Increase in liabilities 34,238 64,375 Net cash provided by operating activities 1,056,219 999,585 CASH FLOWS FROM INVESTING ACTIVITIES - Additions to property (14,774) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (818,181) (818,181) NET INCREASE IN CASH AND CASH EQUIVALENTS 238,038 166,630 CASH AND CASH EQUIVALENTS: At beginning of period 483,308 458,025 At end of period $ 721,346 $ 624,655 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 September 30, 2000, and for the periods ended September 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 September 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 ( 7,302,577) Property - Net $ 2,108,238
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 nine months ended September 30, 2000, and 1999 is as follows: 2000 1999 Revenue $583,083 $575,192 Operating Expenses 290,192 283,186 Net Income $292,891 $292,006
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.