10-K/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

[x] Annual Report Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934

For the fiscal year ended December 31, 2012

[ ] Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ________________ to _______________

Commission File No. 2-90168.

DSI REALTY INCOME FUND VIII
a California Limited Partnership
 

California	33-0050204
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

6700 E. Pacific Coast Hwy., Long Beach, California 90803

(Address of principal executive offices)

Registrant’s telephone number, including area code (562) 493-8881

Securities registered pursuant to Section 12(b) of the Act:

NONE

Securities registered pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interests

Indicate by check mark if registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes [ ] No [X]

Indicate by check mark whether the registrant (l) 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 [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [ ] Accelerated filer [ ]  Non-accelerated filer [ ] Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

EXPLANATORY NOTE

The sole purpose of this amendment to our Annual Report on Form 10-K for the year ended December 31, 2012, originally filed with the Securities and Exchange Commission on March 29, 2013 (the “Original Form 10-K”), is to furnish the exhibits required by Item 601(b) (101) (interactive Data File) of Regulation S-K.

No other changes have been made to the Original Form 10-K and the Original Form 10-K has not been updated to reflect events occurring subsequent to the original filing date.

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(3) Exhibits

13 Annual Report Letter to Limited Partners. Incorporated by reference to Exhibit 13 to the Registrant’s Annual Report on Form 10-K (File Number 002-90168) for the year ended December 31, 2012.

31.1 Rule 13a-14(a)/15d-14(a) Certification: Principal Executive Officer. Incorporated by reference to Exhibit 31.1 to the Registrant’s Annual Report on Form 10-K (File Number 002-90168) for the year ended December 31, 2012.

31.2 Rule 13a-14(a)/15d-14(a) Certification: Principal Financial Officer. Incorporated by reference to Exhibit 31.2 to the Registrant’s Annual Report on Form 10-K (File Number 002-90168) for the year ended December 31, 2012.

32.1 Section 1350 Certification: Principal Executive Officer. Incorporated by reference to Exhibit 32.1 to the Registrant’s Annual Report on Form 10-K (File Number 002-90168) for the year ended December 31, 2012.

32.2 Section 1350 Certification: Principal Financial Officer. Incorporated by reference to Exhibit 32.2 to the Registrant’s Annual Report on Form 10-K (File Number 002-90168) for the year ended December 31, 2012.

101.INS XBRL Instance Document*

101.SCH XBRL Taxonomy Extension Schema Document*

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB XBRL Taxonomy Extension Label Linkbase Document*

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document*

* Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DSI REALTY INCOME FUND VIII,

a California Limited Partnership
by: DSI Properties, Inc., a California Corporation,
as General Partner

By: /s/ ROBERT J. CONWAY
Dated: April 8, 2013
ROBERT J. CONWAY, (President, Chief Executive Officer and Director)

By: /s/ RICHARD P. CONWAY
Dated: April 8, 2013
RICHARD P. CONWAY, (Executive Vice President, Chief Financial Officer)
 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the date indicated.

DSI REALTY INCOME FUND VIII,

a California Limited Partnership
by: DSI Properties, Inc., a California corporation, as
General Partner

By: /s/ ROBERT J. CONWAY
Dated: April 8, 2013
ROBERT J. CONWAY, (President, Chief Executive Officer and Director)

By: /s/ RICHARD P. CONWAY
Dated: April 8, 2013
RICHARD P. CONWAY, (Executive Vice President, Chief Financial Officer)

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Related Party Transactions

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements

Related Party Transactions

The Partnership has entered into management agreements with Dahn to operate their mini-storage facility. The management agreement provides for a management fee equal to 5% of gross revenue from operations, which is defined as the entire amount of all receipts from the renting or leasing of storage compartments and sale of locks. The management agreement is renewable annually. Dahn earned management fees equal to $90,585and $90,849, for the years ended December 31, 2012 and 2011, respectively. Amounts payable to Dahn at December 31, 2012 and 2011 were $7,175 and $7,570, respectively.

Beginning in July 2011, the General Partner, DSI Properties, Inc. performs all tax related work with respect to the Partnership. These services are paid monthly in the amount of $3,685. Tax fees paid to DSI Properties, Inc. for the years ended December 31, 2012 and 2011 were $44,220.

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Property

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements

Property

The total cost of property and accumulated depreciation were as follows at December 31:

	2012	2011
Land	$ 1,969,877	$ 1,969,877
Buildings and improvements	6,151,372	6,130,185
Rental trucks under capital leases	70,047	70,047
Total	8,191,296	8,170,109
Less accumulated depreciation	(6,174,166)	(6,157,053)
Property - net	$ 2,017,130	$2,013,056

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Balance Sheets (USD $)	Dec. 31, 2012	Dec. 31, 2011
ASSETS:
Cash & Equivalents	$ 450,731	$ 392,610
Property Net	2,017,130	2,013,056
Investment in Joint Venture	192,447	192,874
Uncollected Rental Revenue	130,463	99,553
Prepaid Advertising	0	3,413
Other Assets	14,600	14,500
TOTAL	2,805,371	2,716,006
LIABILITIES:
Distribution due to partners	181,818	181,818
Incentive management fee payable to general partners	19,870	6,605
Property management fees payable	7,195	7,570
Customer deposits and other liabilities	17,634	17,149
Deferred Income	31,789	39,880
Accrued Expenses	26,230	25,717
Total Liabilities	284,536	278,739
PARTNERS' EQUITY:
General Partners	(79,359)	(80,195)
Limited Partners	2,600,194	2,517,462
Total Partners' Equity	2,520,835	2,437,267
TOTAL	$ 2,805,371	$ 2,716,006

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General

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements

General

DSI Realty Income Fund VIII (the "Partnership") has three general partners (DSI Properties, Inc., a California corporation, and RJC Capital Management, LLC and JWC Capital Management, LLC.) The general partners have made no capital contributions to the Partnership and are not required to make any capital contributions in the future. The Partnership has a maximum life of 50 years and was formed on November 28, 1983, under the California Uniform Limited Partnership Act for the primary purpose of acquiring and operating real estate.

DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, the Partnership sold twenty-four thousand (24,000) units of limited partnership interests, aggregating Twelve Million ($12,000,000). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions), without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future.

The Partnership owns mini-storage facilities located in El Centro, Lompoc, Stockton, and Huntington Beach, California and has a 30% interest in a mini-storage facility in Aurora, Colorado through a joint venture agreement with DSI Realty Income Fund IX. All facilities were purchased from Dahn Corporation ("Dahn"). Dahn is not affiliated with the Partnership. Dahn is affiliated with other partnerships in which DSI Properties, Inc. is a general partner. (see Note 7)

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Related Party Transactions (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Notes to Financial Statements
Management Fee Percentage	5.00%	5.00%
Management Fee	$ 90,585	$ 90,849
Payable To Dahn	7,195	7,570
Monthly Tax Fee to General Partner	$ 44,220	$ 44,220

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Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) (USD $)	Dec. 31, 2012
Acquisition Date
El Centro Date	1985-04
Lompoc, CA Date	1985-02
Stockton, CA Date	1985-01
Huntington Beach, CA Date	1985-06
Land
El Centro, CA	163,560
Lompoc, CA	277,200
Stockton, CA	353,117
Huntington Beach, CA	1,176,000
Total	1,969,877
Building and Improvements
El Centro, CA	708,710
Lompoc, CA	1,524,229
Stockton, CA	1,375,823
Huntington Beach, CA	2,306,019
Total	5,914,781
Costs Subsequent To Acquition
El Centro, CA	8,708
Lompoc, CA	54,762
Stockton, CA	68,997
Huntington Beach, CA	104,124
Total	236,591
Real Estate and Accumulated Depreciation, Carrying Amount of Land
El Centro, CA	163,560
Lompoc, CA	277,200
Stockton, CA	353,117
Huntington Beach, CA	1,176,000
Total	1,969,877
Buildings and Improvements
El Centro, CA	717,418
Lompoc, CA	1,578,991
Stockton, CA	1,444,820
Huntington Beach, CA	2,410,143
Total	6,151,372
Total
El Centro, CA	880,978
Lompoc, CA	1,856,191
Stockton, CA	1,797,937
Huntington Beach, CA	3,586,143
Total	8,121,249
Accumulated Depreciation
El Centro, CA	(718,597)
Lompoc, CA	(1,564,451)
Stockton, CA	(1,432,281)
Huntington Beach, CA	(2,388,791)
Total	(6,104,120)

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Subsequent Events

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements

Subsequent Events

Events subsequent to September 30, 2012, have been evaluated through the date these unaudited interim financial statements were issued to determine whether they should be disclosed to keep the unaudited interim financial statements from being misleading. Management found no subsequent events that should be disclosed.

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Statements of Income (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
REVENUES:
Self-storage rental income	$ 1,659,194	$ 1,703,230
Ancillary operating revenue	196,054	155,668
Interest and other income	12	151
TOTAL	1,855,260	1,859,049
EXPENSES:
Depreciation	17,113	15,344
Operating	665,017	649,493
General and administrative	275,833	272,381
General partners' incentive management fee	77,594	75,874
Property management fee	90,585	90,849
Total	1,126,142	1,103,941
INCOME BEFORE EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE:	729,118	755,108
EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE:	(85,372)	(67,315)
NET INCOME	814,490	822,423
AGGREGATE INCOME ALLOCATED TO:
General partners	8,145	8,224
Limited partners	806,345	814,199
TOTAL	$ 814,490	$ 822,423
Weighted average limited partnership units outstanding	24,000	24,000
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP PER LIMITED PARTNERSHIP UNIT	$ 33.60	$ 34.92

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Real Estate and Accumulated Depreciation (Tables)

12 Months Ended

Dec. 31, 2012

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

				Costs Capitalized Subsequent to Acquisition Improvements	Gross Amount at Which Carried
	Initial Cost to Partnership				December 31, 2012
Description	Acquisition Date	Land	Buildings and Improvements		Land	Buildings and Improvements	Total	Accumulated Depreciation
MINI-U-STORAGE
El Centro, CA	04/85	$163,560	$708,710	$8,708	$163,560	$717,418	$880,978	($718,597)
Lompoc, CA	02/85	277,200	1,524,229	54,762	277,200	1,578,991	1,856,191	(1,564,451)
Stockton, CA	01/85	353,117	1,375,823	68,997	353,117	1,444,820	1,797,937	(1,432,281)
Huntington Beach, CA	06/85	1,176,000	2,306,019	104,124	1,176,000	2,410,143	3,586,143	(2,388,791)
		$1,969,877	$5,914,781	$236,591	$1,969,877	$6,151,372	$8,121,249	($6,104,120)

Notes:

1. Depreciation expense is computed using the straight-line method over an estimated useful life of 20 years for the buildings.

2. There are no encumbrances.

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Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2012
Document And Entity Information
Entity Registrant Name	DSI Realty Income Fund VIII
Entity Central Index Key	0000743366
Document Type	10-K
Document Period End Date	Dec. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Public Float	$ 12,000,000
Entity Common Stock, Shares Outstanding	24,000
Document Fiscal Period Focus	Q4
Document Fiscal Year Focus	2012

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Allocations of Profits and Losses (Details Narrative)	12 Months Ended
	Dec. 31, 2012
Notes to Financial Statements
General Partner Percentage	1.00%
General Partner Incentive Fee	.09

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Statements of Changes in Partners Equity(Deficit) (USD $)	General Partner	Limited Partners	Total
BALANCE, Beginning at Dec. 31, 2010	$ (79,292)	$ 2,606,834	$ 2,527,542
Net income	8,224	814,199	822,423
Distributions	9,127	903,571	912,698
BALANCE, Ending at Dec. 31, 2011	(80,195)	2,517,462	2,437,267
Net income	8,145	806,345	814,490
Distributions	7,309	723,613	730,922
BALANCE, Ending at Dec. 31, 2012	$ (79,359)	$ 2,600,194	$ 2,520,835

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Business Segment Information

12 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Business Segment Information

5. BUSINESS SEGMENT INFORMATION

The following disclosure about segment reporting of the Partnership is made in accordance with the requirements of ASC 280-10 (formerly SFAS No. 131, "Disclosures About Segments of an Enterprise and Related Information") The Partnership operates in a single segment; storage facility operations, under which the Partnership rents its storage facilities to its customers on a need basis and charges rent on a predetermined rate.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents - The Partnership classifies its short-term investments purchased with an original maturity of three months or less as cash equivalents.

Uncollected Rental Revenue - The Partnership estimates the collectability of uncollected rental revenue on an ongoing basis by reviewing past-due monthly rents and assessing the current creditworthiness of each tenant.  Allowances are provided based on historical write-offs. Allowances on uncollected rental revenue as of December 31, 2012 and 2011 were $25,702and $24,888, respectively.

Property and Depreciation - Property is recorded at cost and is composed primarily of mini-storage facilities. Depreciation is provided using the straight-line method over an estimated useful life of 20 years for the facilities. Building improvements are depreciated over a five year period. Property under capital leases is amortized over the lesser of the lives of the respective leases or the estimated useful lives of the assets.

Income Taxes - No provision has been made for income taxes in the accompanying financial statements. The taxable income or loss of the Partnership is allocated to each partner in accordance with the terms of the Agreement of Limited Partnership. Each partner's tax status, in turn, determines the appropriate income tax for its allocated share of the Partnership's taxable income or loss.. For the year ended December 31, 2011 the Partnership changed the accounting method for federal income tax purposes from cash to accrual basis thereby eliminating the difference in the basis of the Partnership’s assets and liabilities between tax and the GAAP basis financial statements. The change in tax accounting method resulted in an adjustment to the limited partners’ capital account for tax purposes for the year ended December 31, 2011 only in order to coincide with the accounting method used to prepare the Partnership’s GAAP basis financial statements. Accordingly there were no differences for the year ended December 31, 2012.

Revenues - Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues and interest and other income are recognized when earned.

Advertising Expense - Costs related to advertising in Yellow Pages are capitalized and amortized over 12 months. All other advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2012 and 2011 were $96,137 and $114,585 respectively.

Net Income per Limited Partnership Unit - Net income per limited partnership unit is computed by dividing net income allocated to the limited partners by the weighted average number of limited partnership units outstanding during each year.

Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Impairment of Long-Lived Assets - The Partnership regularly reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the asset, the Partnership would recognize an impairment loss to the extent the carrying value exceeded the fair value of the property. No impairment losses were required in 2012 or 2011.

Fair Value of Financial Instruments - ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. For all financial instruments, including cash and cash equivalents, uncollected rent revenue, other assets, distributions due to partners, incentive management fee payable to general partners, property management fee payable, customer deposits, other liabilities and deferred income, carrying values approximate fair values because of the short maturity of those instruments.

Concentrations of Credit Risk - Financial instruments that potentially subject the Partnership to concentrations of credit risk consist primarily of cash and cash equivalents and uncollected rent revenue. The Partnership places its cash and cash equivalents with high credit quality institutions. Accounts at banks are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At December 31, 2012, the Partnership had $91,208 in excess of insured limits. The Partnership performs ongoing evaluations of these institutions to limit its concentration of risk exposure. Management believes this risk is not significant due to the financial strength of the financial institutions utilized by the Partnership.

Comprehensive Income - The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the year ended December 31, 2012 and 2011 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of December 31, 2012 and 2011, accumulated other comprehensive income was $0.

Recent Accounting Pronouncements

In December 2011, the FASB issued Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities, which requires companies to disclose information about financial instruments that have been offset and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. Companies will be required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset. This standard will be effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The Partnership does not expect the adoption of the standard update to impact its financial position or results of operations, as it only requires additional disclosure in the Partnership’s financial statements.

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Property - Summary of Property and Equipment (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Property, net
Land	$ 1,969,877	$ 1,969,877
Buildings and improvements	6,151,372	6,130,185
Rental trucks under capital leases	70,047	70,047
Total	8,191,296	8,170,109
Less accumulated depreciation	6,174,166	6,157,053
Property - net	$ 2,017,130	$ 2,013,056

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Summary of Significant Accounting Policies (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Accounting Policies [Abstract]
Allowance for uncollectable rental revenue	$ 25,702	$ 24,888
Advertising Expense	$ 96,137	$ 114,585
Excess insured limits	$91,208

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Cash and Cash Equivalents

Cash and Cash Equivalents - The Partnership classifies its short-term investments purchased with an original maturity of three months or less as cash equivalents.

Uncollected Rental Revenue

Uncollected Rental Revenue - The Partnership estimates the collectability of uncollected rental revenue on an ongoing basis by reviewing past-due monthly rents and assessing the current creditworthiness of each tenant.  Allowances are provided based on historical write-offs. Allowances on uncollected rental revenue as of December 31, 2012 and 2011 were $25,702and $24,888, respectively.

Property and Depreciation

Property and Depreciation - Property is recorded at cost and is composed primarily of mini-storage facilities. Depreciation is provided using the straight-line method over an estimated useful life of 20 years for the facilities. Building improvements are depreciated over a five year period. Property under capital leases is amortized over the lesser of the lives of the respective leases or the estimated useful lives of the assets.

Income Taxes

Income Taxes - No provision has been made for income taxes in the accompanying financial statements. The taxable income or loss of the Partnership is allocated to each partner in accordance with the terms of the Agreement of Limited Partnership. Each partner's tax status, in turn, determines the appropriate income tax for its allocated share of the Partnership's taxable income or loss.. For the year ended December 31, 2011 the Partnership changed the accounting method for federal income tax purposes from cash to accrual basis thereby eliminating the difference in the basis of the Partnership’s assets and liabilities between tax and the GAAP basis financial statements. The change in tax accounting method resulted in an adjustment to the limited partners’ capital account for tax purposes for the year ended December 31, 2011 only in order to coincide with the accounting method used to prepare the Partnership’s GAAP basis financial statements. Accordingly there were no differences for the year ended December 31, 2012.

Revenues

Revenues - Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues and interest and other income are recognized when earned.

Advertising Expense

Advertising Expense - Costs related to advertising in Yellow Pages are capitalized and amortized over 12 months. All other advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2012 and 2011 were $96,137 and $114,585 respectively.

Net Income per Limited Partnership Unit

Net Income per Limited Partnership Unit - Net income per limited partnership unit is computed by dividing net income allocated to the limited partners by the weighted average number of limited partnership units outstanding during each year.

Estimates

Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets - The Partnership regularly reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the asset, the Partnership would recognize an impairment loss to the extent the carrying value exceeded the fair value of the property. No impairment losses were required in 2012 or 2011.

Fair Value of Financial Instruments

Fair Value of Financial Instruments - ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. For all financial instruments, including cash and cash equivalents, other assets, distributions due to partners, incentive management fee payable to general partners, property management fee payable, and customer deposits and other liabilities, carrying values approximate fair values because of the short maturity of those instruments.

Concentrations of Credit Risk

Concentrations of Credit Risk - Financial instruments that potentially subject the Partnership to concentrations of credit risk consist primarily of cash and cash equivalents and uncollected rent revenue. The Partnership places its cash and cash equivalents with high credit quality institutions. Accounts at banks are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At December 31, 2012, the Partnership had $91,208 in excess of insured limits. The Partnership performs ongoing evaluations of these institutions to limit its concentration of risk exposure. Management believes this risk is not significant due to the financial strength of the financial institutions utilized by the Partnership.

Comprehensive Income

Comprehensive Income - The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the year ended December 31, 2012 and 2011 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of December 31, 2012 and 2011, accumulated other comprehensive income was $0.

Recent Accounting Pronoucements

In December 2011, the FASB issued Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities, which requires companies to disclose information about financial instruments that have been offset and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. Companies will be required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset. This standard will be effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The Partnership does not expect the adoption of the standard update to impact its financial position or results of operations, as it only requires additional disclosure in the Partnership’s financial statements.

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Investment in Real Estate Joint Venture

12 Months Ended

Dec. 31, 2012

Banking and Thrift [Abstract]

Investment n Real Estate Joint Venture

. INVESTMENT IN REAL ESTATE JOINT VENTURE

The Partnership is involved in a joint venture (the Buckley Road facility) that owns a mini-storage facility in Aurora, Colorado. Under the terms of the joint venture agreement, the Partnership is entitled to 30% of the profits or 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. The agreement specifies that DSI Properties, Inc. (a general partner in both the Partnership and Fund IX) shall make all decisions relating to the activities of the joint venture and the management of the property. The Partnership accounts for this investment under the equity method. For 2012, the Buckley Road facility had total assets of $663,929, liabilities of $20,395, revenue of $613,105, expense of $328,532 and net income of $284,573. For 2011, the Buckley Road facility had total assets of $671,849, liabilities of $26,886, revenue of $540,973, expense of $316,588 and net income of $224,385.

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Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2012

				Costs Capitalized Subsequent to Acquisition Improvements	Gross Amount at Which Carried
	Initial Cost to Partnership				December 31, 2012
Description	Acquisition Date	Land	Buildings and Improvements		Land	Buildings and Improvements	Total	Accumulated Depreciation
MINI-U-STORAGE
El Centro, CA	04/85	$163,560	$708,710	$8,708	$163,560	$717,418	$880,978	($718,597)
Lompoc, CA	02/85	277,200	1,524,229	54,762	277,200	1,578,991	1,856,191	(1,564,451)
Stockton, CA	01/85	353,117	1,375,823	68,997	353,117	1,444,820	1,797,937	(1,432,281)
Huntington Beach, CA	06/85	1,176,000	2,306,019	104,124	1,176,000	2,410,143	3,586,143	(2,388,791)
		$1,969,877	$5,914,781	$236,591	$1,969,877	$6,151,372	$8,121,249	($6,104,120)

Notes:
1. Depreciation expense is computed using the straight-line method over an estimated useful life of 20 years for the buildings.
2. There are no encumbrances.

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Property (Tables)

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements

Summary of Property and Equipment

	September 30, 2012	December 31, 2011
Land	$ 1,969,877	$ 1,969,877
Buildings and improvements	6,151,372	6,130,185
Rental trucks under capital leases	70,047	70,047
Total	8,191,296	8,170,109
Less accumulated depreciation	(6,174,166)	(6,157,053)
Property - net	$ 2,017,130	$2,013,056

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Investment n Real Estate Joint Venture (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Banking and Thrift [Abstract]
Buckley RoadTotal Assets	$ 663,929	$ 671,849
Buckley Road Total Liabilities	20,395	26,886
Buckley Road Revenue	613,105	540,973
Buckley Road Expenses	328,532	316,588
Buckley Road Net Income	$ 284,573	$ 224,385

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Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Statement of Cash Flows [Abstract]
Net income attributable to the Partnership	$ 814,490	$ 822,423
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	17,113	15,344
Equity in earnings of real estate joint ventures	85,372	67,315
Changes in assets and liabilities:
Other assets	(27,598)	(10,674)
Incentive management fee payable to General Partners	13,265	6,605
Property management fees payable	(375)	84
Customer deposits and other liabilities	(7,093)	(59,861)
Net cash provided by operating activities	724,430	706,606
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property	21,187	30,738
Net cash used in investing activities	(21,187)	(30,738)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to partners	730,922	912,698
Distributions from real estate joint ventures	85,800	69,300
Net cash used in financing activities	(645,122)	(843,398)
NET iNCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS	58,121	(167,530)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	392,610	560,140
CASH AND CASH EQUIVALENTS AT END OF PERIOD	450,731	392,610
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	0	0
NON CASH INVESTING AND FINANCING ACTIVITIES:
Distributions due partners included in partners' equity	$ 181,818	$ 181,818

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Allocations of Profits and Losses

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements

Allocations of Profits and Losses

Under the Agreement of Limited Partnership, the general partners are to be allocated 1% of the net profits or losses from operations, and the limited partners are to be allocated the balance of the net profits or losses from operations in proportion to their limited partnership interests. The general partners are also entitled to receive a percentage, based on a predetermined formula, of any cash distribution from the sale, other disposition, or refinancing of the project.

In addition, the general partners are entitled to receive an incentive management fee for supervising the operations of the Partnership. The fee is to be paid in an amount equal to 9% per annum of the cash available for distribution on a cumulative basis, calculated as cash generated from operations less capital expenditures.

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General (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2012
Notes to Financial Statements
Limited Partnership Units Outstanding	24,000
Public Float	$ 12,000,000
General Partner Percent Ownership Percentage	1.00%