-----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, Eb/pOst9qdiNuSuRtTblpTbgFto8x0GXJ2BTu460GJYACeRMSXBcFRltMZ6UEGvi elMASG0Fb8zEGhZi++mmng== /in/edgar/work/0000318835-00-000011/0000318835-00-000011.txt : 20001115 0000318835-00-000011.hdr.sgml : 20001115 ACCESSION NUMBER: 0000318835-00-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 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: 766372 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 September 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_______________________________________33-0050204 (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 September 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 September 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 September 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: October 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 there unto duly authorized. Dated: October 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 October 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 September 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 September 30, 2000 and 1999, total revenues increased 12.5% from $504,635 to $567,444 and total expenses in- creased 16.5% from $321,936 to $374,986. Equity in income of the real estate joint venture decreased 8.9% from $32,377 to $29,487. As a result, net income increased 3.2% from $215,076 to $221,945 for the three-month period ended September 30, 2000, as compared to the same period in 1999. Rental revenue increased as a result of higher occupancy and unit rental rates. Occupancy levels for the Partnership's five mini-storage facilities facilities averaged 92.0% for the three-month period ended September 30, 2000 as compared to 84.7% for the same period in 1999. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses increased approximately $55,600 (20.1%) primarily as a result of higher property management fees, salary and wages and security and alarm services expenses. General and administrative expenses decreased approximately $2,600 (5.8%) primarily as a result of relatively insignificant fluctuations in various expense accounts. Equity in income from the real estate joint venture decreased as a result of higher operating expenses at the facility which the joint venture owns. For the nine-month periods ended September 30, 2000, and 1999, total revenues increased 9.4% from $1,473,875 to $1,612,500 and total expenses increased 7.2% from $999,556 to $1,071,669. Equity in income of the real estate joint venture increased slightly from $87,602 to $87,868. As a result, net income increased 11.9% from $561,921 to $628,699 for the nine- month period ended September 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 $62,400 (7.4%) primarily as a result of increases in repairs and maintenance, property management fees, salaries and wages and security and alarm service expenses. 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 $9,700 (6.1%) primarily as a result of higher incentive management fees and legal and professional expenses. Equity in income from the real estate joint venture remained relatively constant. 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 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) 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. EX-27 4 0004.txt
5 3-MOS YEAR DEC-31-2000 DEC-31-2000 SEP-30-2000 DEC-31-2000 721346 0 0 0 0 0 0 0 0 0 0 0 9410815 0 7302577 0 3054609 0 0 0 0 0 0 0 0 0 0 0 0 0 3054609 0 1607293 0 1612500 0 0 0 0 0 0 0 0 0 0 0 628699 0 0 0 628699 0 0 0 0 0 0 0 628699 0 0 0 0 0
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