-----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, QNTsfBM6BSHRDGyOrDYnPUkoAXTbfnmE2gRQUcU6zj3esGd5xQi3xrbF31CwgNrH q4xzkOsAM3mfrwOdTnsfCg== 0000719581-98-000002.txt : 19980519 0000719581-98-000002.hdr.sgml : 19980519 ACCESSION NUMBER: 0000719581-98-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980518 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: SEC FILE NUMBER: 002-90168 FILM NUMBER: 98627192 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 March 31, 1998 /___/ 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, 1998 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, 1998. 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, 1998. (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 30, 1998 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 30, 1998 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 April 30, 1998 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, 1998. 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, 1998 and 1997, total revenues increased 7.0% from $419,638 to $449,145 and total expenses increased 1.1% from $321,233 to $324,616. Equity in income of the real estate joint venture increased 23.7% from $20,046 to $24,789. As a result, net income increased from $118,451 to $149,317 for the three month period ended March 31, 1998, as compared to the same period in 1997. Rental revenue increased as a result of higher unit rental rates. Occupancy levels for the Partnership's five mini-storage facilities averaged 82.8% for the three month period ended March 31, 1998, and 83.7% for the same period in 1997. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses decreased approximately $2,600 (1.0%) primarily as a result of lower yellow pages advertising costs, legal and professional and real estate tax expenses, partially offset by higher salaries and wage expenses. General and administrative expenses increased approximately $6,000.00 (9.4%) primarily as a result of higher incentive management fees. Such fees, which are based on cash available for distribution, increased as a result of the increase in net income. Net income from the real estate joint venture increased primarily as a result of higher rental revenue and lower salaries and wage expense. 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 EX-20 3 DSI REALTY INCOME FUND VIII (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) MARCH 31, 1998 AND DECEMBER 31, 1997
March 31, December 31, 1998 1997 ASSETS CASH AND CASH EQUIVALENTS $ 396,696 $ 399,704 PROPERTY 3,269,896 3,387,178 INVESTMENT IN REAL ESTATE JOINT VENTURE 305,738 313,650 OTHER ASSETS 31,629 31,604 TOTAL $4,003,959 $4,132,136 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 607,683 $ 612,450 PARTNERS' EQUITY: General Partners (73,818) (72,584) Limited Partners 3,470,094 3,592,270 Total partners' equity 3,396,276 3,519,686 TOTAL $4,003,959 $4,132,136 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997 March 31, March 31, 1998 1997 REVENUES: Rental Income $ 447,309 $ 417,855 Interest 1,836 1,783 Total revenues 449,145 419,638 EXPENSES: Operating Expenses 254,454 257,103 General and administrative 70,162 64,130 Total expenses 324,616 321,233 INCOME BEFORE EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 124,528 98,405 EQUITY IN INCOME OF REAL ESTATE 24,789 20,046 NET INCOME $ 149,317 $ 118,451 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 147,824 $ 117,266 General partners 1,493 1,185 TOTAL $ 149,317 $ 118,451 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 6.16 $ 4.89 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 THREE MONTHS ENDED MARCH 31, 1998 AND 1997
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1996 ($ 67,560) $4,089,606 $4,022,046 NET INCOME 1,185 117,266 118,451 DISTRIBUTIONS (2,727) (270,000) (272,727) EQUITY AT MARCH 31, 1997 ($69,102) $3,936,872 $3,867,770 EQUITY AT DECEMBER 31, 1997 ($72,584) $3,592,270 $3,519,686 NET INCOME 1,493 147,824 149,317 DISTRIBUTIONS (2,727) (270,000) (272,727) EQUITY AT MARCH 31, 1998 ($73,818) $3,470,094 $3,396,276 See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31, 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 149,317 $118,451 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 117,283 117,283 Distributions in excess of earnings in real estate joint venture 7,911 10,852 Changes in assets and liabilities: Increase in other assets (25) (27,240) (Decrease)Increase in liabilities (4,767) 34,267 Net cash provided by operating activities 269,719 253,613 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (272,727) (272,727) NET DECREASE IN CASH AND CASH EQUIVALENTS (3,008) (19,114) CASH AND CASH EQUIVALENTS: At beginning of period 399,704 389,413 At end of period $ 396,696 $370,299 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, 1998, and for the periods ended March 31, 1998, and 1997 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, 1998, is as follows: Land $ 2,305,310 Buildings and improvements 7,071,497 Equipment 22,831 Total 9,399,638 Less: Accumulated Depreciation ( 6,129,742) Property - Net $ 3,269,896
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, 1998, and 1997 is as follows: 1998 1997 Revenue $166,906 $156,705 Operating Expenses 84,280 89,885 Net Income $ 82,626 $ 66,820
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-31-1998 DEC-31-1998 MAR-31-1998 DEC-31-1998 396696 0 0 0 0 0 0 0 0 0 0 0 9399638 0 6129742 0 4003959 0 0 0 0 0 0 0 0 0 0 0 0 0 4003959 0 447309 0 449145 0 0 0 0 0 0 0 0 0 0 0 149317 0 0 0 149317 0 0 0 0 0 0 0 149317 0 0 0 0 0
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