-----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, O321rtR+qPavmwH+p4vE+kDZGfy3wF5b3HyypGu7DPHTwFLWRlw1Xwaq/s7uyf7A iaot+4/sX19ofIRZtsLe2A== 0000719581-96-000012.txt : 19961115 0000719581-96-000012.hdr.sgml : 19961115 ACCESSION NUMBER: 0000719581-96-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 SROS: NASD 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: 1934 Act SEC FILE NUMBER: 002-90168 FILM NUMBER: 96662488 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 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, 1996 /___/ 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.) 3701 Long Beach Boulevard, Long Beach, California 90807 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code-(310)595-7711 _________________________________________________________________ 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, 1996, 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, 1996. 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, 1996. (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, 1996 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: October 31, 1996 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 October 31, 1996 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, 1996. 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, 1996 and 1995, total revenues decreased 1.0% from $414,675 to $410,582 and total expenses decreased 4.6% from $301,664 to $287,857. Equity in income of the real estate joint venture decreased 21.9% from $30,888 to $24,134. As a result, net income increased 2.1% from $143,899 to $146,859 for the three month period ended September 30, 1996, as compared to the same period in 1995. Rental revenue remained constant as a result of higher unit rental rates, even though average occupancy rates decreased. Occupancy levels for the Partnership's five mini-storage facilities averaged 84.1% for the three month period ended September 30, 1996, and 86.5% for the same period in 1995. The Partnership is continuing its advertising campaign to attract and keep new tenants in its various mini-storage facilities. Operating expenses decreased approximately $14,400 (5.4%) primarily as a result of lower maintenance and repair expenses. General and administrative expenses remained constant. Equity in income from the real estate joint venture decreased as a result of lower occupancy and unit rental rates which resulted in decreased rental revenue for the period. For the nine month periods ended September 30, 1996, and 1995, total revenues decreased slightly from $1,235,829 to 1,229,003 and total expenses decreased 1.3% from $895,966 to $884,713. Equity in income of the real estate joint venture decreased 21.4% from $85,363 to $67,095. As a result, net income decreased 3.3% from $425,226 to $411,385 for the nine month period ended September 30, 1996, as compared to the same period in 1995. The revenue decrease can be attributed to a decrease in sale of abandoned goods partially offset by a slight increase in rental income. Operating expenses decreased approximately $13,100 (1.7%) primarily as a result of decreases in yellow page advertising costs, maintenance and repair and real estate tax expenses, partially offset by an increase in legal and professional fees. General and administrative expenses remained relatively constant. Equity in income from the real estate joint venture decreased as a result of lower occupancy and unit rental rates which resulted in decreased rental revenue for the period and higher maintenance and repair expenses. 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 DSI REALTY INCOME FUND VIII (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
September 30, December 31, 1996 1995 ASSETS CASH AND CASH EQUIVALENTS $ 479,242 $ 445,657 PROPERTY 3,986,158 4,318,209 INVESTMENT IN REAL ESTATE JOINT VENTURE 384,411 417,666 OTHER ASSETS 25,314 64,326 TOTAL $4,875,125 $5,245,858 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 646,271 $ 610,208 PARTNERS' EQUITY: General Partners (65,491) (61,424) Limited Partners 4,294,345 4,697,074 Total partners' equity 4,228,854 4,635,650 TOTAL $4,875,125 $5,245,858 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30, 1996 1995 REVENUES: Rental Income $ 407,863 $ 410,758 Interest 2,719 3,917 Total revenues 410,582 414,675 EXPENSES: Operating Expenses 253,892 268,245 General and administrative 33,965 33,419 Total expenses 287,857 301,664 INCOME BEFORE EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 122,725 113,011 EQUITY IN INCOME OF REAL ESTATE 24,134 30,888 NET INCOME $ 146,859 $ 143,899 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 145,390 $ 142,460 General partners 1,469 1,439 TOTAL $ 146,859 $ 143,899 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 6.06 $ 5.94 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, 1996 AND 1995
September 30, September 30, 1996 1995 REVENUES: Rental Income $1,220,928 $1,224,172 Interest 8,075 11,657 Total Revenues 1,229,003 1,235,829 EXPENSES: Operating Expenses 747,581 760,672 General and Administrative 137,132 135,294 Total Expenses 884,713 895,966 INCOME BEFORE EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 344,290 339,863 EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 67,095 85,363 NET INCOME $411,385 $425,226 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners 407,271 420,974 General Partners 4,114 4,252 TOTAL 411,385 425,226 NET INCOME PER LIMITED PARTNERSHIP UNIT $16.97 $17.54 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 24,000 24,000 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1994 ($ 56,080) $5,226,130 $5,170,050 NET INCOME 4,252 420,974 425,226 DISTRIBUTIONS (8,181) (810,000) (818,181) EQUITY AT SEPTEMBER 30, 1995 ($60,009) $4,837,104 $4,777,095 EQUITY AT DECEMBER 31, 1995 ($61,424) $4,697,074 $4,635,650 NET INCOME 4,114 407,271 411,385 DISTRIBUTIONS (8,181) (810,000) (818,181) EQUITY AT SEPTEMBER 30, 1996 ($65,491) $4,294,345 $4,228,854 See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30, 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 411,385 $425,226 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 351,850 351,850 Distributions in excess of earnings in real estate joint venture 33,256 41,537 Changes in assets and liabilities: Decrease in other assets 39,012 100,000 Increase in liabilities 36,063 43,444 Net cash provided by operating activities 871,566 962,057 CASH FLOWS FROM INVESTING ACTIVITIES - Purchase of property and equipment (19,800) (15,175) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (818,181) (818,181) NET INCREASE IN CASH AND CASH EQUIVALENTS 33,585 128,701 CASH AND CASH EQUIVALENTS: At beginning of period 445,657 424,960 At end of period $ 479,242 $553,661 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, 1996, and for the periods ended September 30, 1996, and 1995 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, 1996, is as follows: Land $ 2,305,310 Buildings and improvements 7,071,497 Equipment 22,831 Total 9,399,638 Less: Accumulated Depreciation ( 5,413,480) Property - Net $ 3,986,158
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 nine months ended September 30, 1996, and 1995 is as follows: 1996 1995 Revenue $476,294 $530,834 Operating Expenses 252,644 246,291 Net Income $223,650 $284,543
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
5 3-MOS YEAR DEC-31-1996 DEC-31-1996 SEP-30-1996 DEC-31-1996 479242 0 0 0 0 0 0 0 0 0 0 0 9399638 0 5413480 0 4875125 0 0 0 0 0 0 0 0 0 0 0 0 0 4875125 0 1220928 0 1229003 0 0 0 0 0 0 0 0 0 0 0 411385 0 0 0 411385 0 0 0 0 0 0 0 411385 0 0 0 0 0
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