-----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, G0FGRl4AsTE702Q0xy0xggrIKda2femaQyo/K4+z9z1M/G8oM8p7O2bKoPmwY7EF 0xWbk77iJkLpEb6AA00t6w== 0000318835-01-500008.txt : 20010517 0000318835-01-500008.hdr.sgml : 20010517 ACCESSION NUMBER: 0000318835-01-500008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DSI REALTY INCOME FUND VIII CENTRAL INDEX KEY: 0000743366 STANDARD INDUSTRIAL CLASSIFICATION: LESSORS OF REAL PROPERTY, NEC [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: 1641177 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 dsiviii-301.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 March 31, 2001 /___/ 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 March 31, 2001 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 March 31, 2001. 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 March 31, 2001. (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: April 27, 2001 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: April 27, 2001 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 April 27, 2001 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 March 31, 2001. 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 March 31, 2001 and 2000, total revenues increased 20.7% from $511,891 to $617,806, total expenses decreased 31.1% from $347,648 to $239,595, other income increased from $1,490 to $1,561 and equity in income of the real estate joint venture increased 34.8% from $32,189 to $43,394. As a result, net income increased 113.8% from $197,922 to $423,166 for the three-month period ended March 31, 2001, as compared to the same period in 2000. Rental revenue increased as a result of higher occupancy and unit rental rates. Occupancy levels for the Part- nership's five mini-storage facilities averaged 93.3% for the three month period ended March 31, 2001, and 84.0% for the same period in 2000. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses de- creased approximately $112,500 (40.8%) primarily as a result of lower maintenance and repair, workers compensation insurance and depreciation expenses, partially offset by increases in yellow pages advertising costs, salaries and wages and property management fees expenses. The decrease in depreciation is the result of the Partnership's properties being fully depreciated. Property management fees, which are based on rental revenue, increased as a result of the increase in rental revenue. General and administrative expenses increased approximately $4,500 (6.3%) primarily as a result of higher incentive management fees, partially offset by a decrease in legal and professional and equipment and computer lease expenses. Incentive management fees, which are based on cash available for distribution, increased as a result of the increase in net income. Equity in income of real estate joint venture increased as a result of lower operating expenses, primarily as a result of a decrease in depreciation expense due to the Partnership's properties being fully depreciated as of December 31, 2000. The General Partners will continue their policy of funding continuing improvement and maintenance of Partnership properties with cash generated from operations. The Partnership's 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 DSI REALTY INCOME FUND VIII (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) MARCH 31, 2001 AND DECEMBER 31, 2000
March 31, December 31, 2001 2000 ASSETS CASH AND CASH EQUIVALENTS $ 659,886 $ 514,497 PROPERTY, NET 2,287,427 2,287,427 INVESTMENT IN REAL ESTATE JOINT VENTURE 179,968 176,774 OTHER ASSETS 60,938 60,938 TOTAL $3,188,219 $3,039,636 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $ 643,969 $ 645,825 PARTNERS' EQUITY (DEFICIT): General Partners (82,339) (83,844) Limited Partners 2,626,589 2,477,655 Total partners' equity 2,544,250 2,393,811 TOTAL $3,188,219 $3,039,636 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000 March 31, March 31, 2001 2000 REVENUES: Rental Income $ 617,806 $ 511,891 EXPENSES: Operating 163,502 276,040 General and administrative 76,093 71,608 Total expenses 239,595 347,648 OPERATING INCOME 378,211 164,243 OTHER INCOME Interest 1,561 1,490 INCOME BEFORE EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE $ 379,772 $ 165,733 EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 43,394 32,189 NET INCOME $ 423,166 $ 197,922 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 418,934 $ 195,943 General partners 4,232 1,979 TOTAL $ 423,166 $ 197,922 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 17.46 $ 8.16 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 (DEFICIT)(UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 2000 ($81,721) $2,687,867 $2,606,146 NET INCOME 1,979 195,943 197,922 DISTRIBUTIONS (2,727) (270,000) (272,727) BALANCE AT MARCH 31, 2000 ($82,469) $2,613,810 $2,531,341 BALANCE AT JANUARY 1, 2001 ($83,844) $2,477,655 $2,393,811 NET INCOME 4,232 418,934 423,166 DISTRIBUTIONS (2,727) (270,000) (272,727) BALANCE AT MARCH 31, 2001 ($82,339) $2,626,589 $2,544,250 See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
March 31, March 31, 2001 2000 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 423,166 $ 197,922 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 0 117,283 Equity in earnings of real estate joint venture (43,394) (32,189) Distributions from real estate joint venture 40,200 40,800 Changes in assets and liabilities: Increase in other assets 0 (5,715) Increase in liabilities (1,856) (4,127) Net cash provided by operating activities 418,116 313,974 CASH FLOWS FROM INVESTING ACTIVITIES - Additions to property 0 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (272,727) (272,727) NET INCREASE IN CASH AND CASH EQUIVALENTS 145,389 41,247 CASH AND CASH EQUIVALENTS: At beginning of period 514,497 483,308 At end of period $ 659,886 $524,555 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 March 31, 2001, and for the periods ended March 31, 2001, and 2000 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 March 31, 2001, is as follows: Land $ 2,287,427 Buildings and improvements 7,126,997 Equipment 22,831 Total 9,437,255 Less: Accumulated Depreciation ( 7,149,828) Property - Net $ 2,287,427
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 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 three months ended March 31, 2001, and 2000 is as follows: 2001 2000 Revenue $191,391 $199,079 Operating Expenses 46,744 91,784 Net Income $144,647 $107,295
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. -----END PRIVACY-ENHANCED MESSAGE-----