-----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, RcCjaqmGmPf9xU9mLFS27eiWa/c/HMAVLstSvp7OVQeelYBhRuKY1Z5ikXrpV8vP M0Lgm+YQ/6zo0JieNw8Mtg== 0000743366-96-000013.txt : 19960814 0000743366-96-000013.hdr.sgml : 19960814 ACCESSION NUMBER: 0000743366-96-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960813 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: 96610548 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 June 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 June 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 June 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 June 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: July 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: July 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 July 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 June 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 June 30, 1996 and 1995, total revenues increased 2.1% from $400,533 to $409,006 and total expenses decreased 2.3% from $289,733 to $283,141. Equity in income of the real estate joint venture decreased 27.4% from $28,385 to $20,615. As a result, net income increased 5.2% from $139,185 to $146,480 for the three month period ended June 30, 1996, as compared to the same period in 1995. Rental revenue increased as a result of higher unit rental rates. Occupancy levels for the Partnership's five mini-storage facilities averaged 85.5% for the three month period ended June 30, 1996, and 85.8% 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 $5,700 (2.3%) 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 and higher maintenance and repair expenses. For the six month periods ended June 30, 1996, and 1995, total revenues decreased slightly from $821,154 to $818,421 and total expenses increased 0.4% from $594,302 to $596,856. Equity in income of the real estate joint venture decreased 21.1% from $54,475 to $42,961. As a result, net income decreased 6% from $281,327 to $264,526 for the six month period ended June 30, 1996, as compared to the same period in 1995. The revenue decrease can be attributed to a slight decrease in rental income. Operating and general and administrative expenses remained relatively constant. The reason for the decrease in equity in income from the real estate joint venture is the same as discussed above. 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 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) JUNE 30, 1996 AND DECEMBER 31, 1995
June 30, December 31, 1996 1995 ASSETS CASH AND CASH EQUIVALENTS $ 420,968 $ 445,657 PROPERTY 4,103,441 4,318,209 INVESTMENT IN REAL ESTATE JOINT VENTURE 398,078 417,666 OTHER ASSETS 36,487 64,326 TOTAL $4,958,974 $5,245,858 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 604,252 $ 610,208 PARTNERS' EQUITY: General Partners (64,233) (61,424) Limited Partners 4,418,955 4,697,074 Total partners' equity 4,354,722 4,635,650 TOTAL $4,958,974 $5,245,858 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30, 1996 1995 REVENUES: Rental Income $ 406,006 $ 396,552 Interest 3,000 3,981 Total revenues 409,006 400,533 EXPENSES: Operating Expenses 245,044 250,754 General and administrative 38,097 38,979 Total expenses 283,141 289,733 INCOME BEFORE EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 125,865 110,800 EQUITY IN INCOME OF REAL ESTATE 20,615 28,385 NET INCOME $ 146,480 $ 139,185 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 145,015 $ 137,793 General partners 1,465 1,392 TOTAL $ 146,480 $ 139,185 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 6.04 $ 5.74 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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30, 1996 1995 REVENUES: Rental Income $813,065 $813,414 Interest 5,356 7,740 Total Revenues 818,421 821,154 EXPENSES: Operating Expenses 493,689 492,427 General and Administrative 103,167 101,875 Total Expenses 596,856 594,302 INCOME BEFORE EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 221,565 226,852 EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 42,961 54,475 NET INCOME $264,526 $281,327 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners 261,881 278,514 General Partners 2,645 2,813 TOTAL 264,526 281,327 NET INCOME PER LIMITED PARTNERSHIP UNIT $10.91 $11.60 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 24,000 24,000 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1994 ($ 56,080) $5,226,130 $5,170,050 NET INCOME 2,813 278,514 281,327 DISTRIBUTIONS (5,454) (540,000) (545,454) EQUITY AT JUNE 30, 1995 ($58,721) $4,964,644 $4,905,923 EQUITY AT DECEMBER 31, 1995 ($61,424) $4,697,074 $4,635,650 NET INCOME 2,645 261,881 264,526 DISTRIBUTIONS (5,454) (540,000) (545,454) EQUITY AT JUNE 30, 1996 ($64,233) $4,418,955 $4,354,722 See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30, 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 264,526 $281,327 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 234,567 234,567 Distributions in excess of earnings in real estate joint venture 19,589 26,225 Changes in assets and liabilities: Decrease in other assets 27,839 100,000 (Decrease)Increase in liabilities (5,956) 9,062 Net cash provided by operating activities 540,565 651,181 CASH FLOWS FROM INVESTING ACTIVITIES - Purchase of property and equipment (19,800) (6,060) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (545,454) (545,454) NET INCREASE IN CASH AND CASH EQUIVALENTS (24,689) 99,667 CASH AND CASH EQUIVALENTS: At beginning of period 445,657 424,960 At end of period $ 420,968 $524,627 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 June 30, 1996, and for the periods ended June 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 June 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 ( 5,296,197) Property - Net $ 4,103,441
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 six months ended June 30, 1996, and 1995 is as follows: 1996 1995 Revenue $315,861 $348,906 Operating Expenses 172,659 167,323 Net Income $143,202 $181,583
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 JUN-30-1996 DEC-31-1996 420968 0 0 0 0 0 0 0 0 0 0 0 9399638 0 5296197 0 4958974 0 0 0 0 0 0 0 0 0 0 0 0 0 4958974 0 813065 0 818421 0 0 0 0 0 0 0 0 0 0 0 264526 0 0 0 264526 0 0 0 0 0 0 0 264526 0 0 0 0 0
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