DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 2000 AND DECEMBER 31, 2000
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<CAPTION>
June 30, December 31,
2000 1999
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 614,014 $ 525,003
PROPERTY, Net 1,931,570 2,186,223
OTHER ASSETS 40,699 40,699
TOTAL $2,586,283 $2,751,925
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 582,108 $ 602,064
PARTNERS' EQUITY (DEFICIT):
General Partners (87,726) (86,270)
Limited Partners 2,091,901 2,236,131
Total partners' equity 2,004,175 2,149,861
TOTAL $2,586,283 $2,751,925
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
June 30, June 30,
2000 1999
REVENUES:
Rental income $ 584,337 $ 556,244
Interest 2,065 1,569
Total revenues 586,402 557,813
EXPENSES:
Operating 342,332 337,950
General and administrative 55,699 50,083
Total expenses 398,031 388,033
NET INCOME $ 188,371 $ 169,780
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 186,487 $ 168,082
General Partners 1,884 1,698
TOTAL $ 188,371 $ 169,780
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 7.77 $ 7.00
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, 2000 AND 1999
June 30, June 30,
2000 1999
REVENUES:
Rental income $1,125,864 $1,106,249
Interest 3,773 3,296
Total revenues 1,129,637 1,109,545
EXPENSES:
Operating 669,354 671,715
General and administrative 121,121 115,255
Total expenses 790,475 786,970
NET INCOME $ 339,162 $ 322,575
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 335,770 $ 319,349
General Partners 3,392 3,226
TOTAL $ 339,162 $ 322,575
NET INCOME PER LIMITED
PARTNERSHIP UNIT $13.99 $13.31
LIMITED PARTNERSHIP UNITS USED
IN PER UNIT CALCULATION 24,000 24,000
See accompanying notes to financial statements (unaudited)
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STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT)(UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
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<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
BALANCE AT JANUARY 1, 1999 ($81,477) $2,710,604 $2,629,127
NET INCOME 3,226 319,349 322,575
DISTRIBUTIONS (4,848) (480,000) (484,848)
BALANCE AT JUNE 30, 1999 ($83,099) $2,549,953 $2,466,854
BALANCE AT JANUARY 1, 2000 ($86,270) $2,236,131 $2,149,861
NET INCOME 3,392 335,770 339,162
DISTRIBUTIONS (4,848) (480,000) (484,848)
BALANCE AT JUNE 30, 2000 ($87,726) $2,091,901 $2,004,175
See accompanying notes to financial statements(unaudited).
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STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
June 30, June 30,
2000 1999
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 339,162 $ 322,575
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 254,653 254,655
Changes in assets and
liabilities:
Increase in other assets 0 (1,117)
Decrease in liabilities (19,956) (23,965)
Net cash provided by
operating activities 573,859 552,148
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (484,848) (484,848)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 89,011 67,300
CASH AND CASH EQUIVALENTS:
At beginning of period 525,003 459,100
At end of period $ 614,014 $ 526,400
See accompanying notes to financial statements(unaudited).
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DSI REALTY INCOME FUND VII
(A California Real Estate Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL
DSI Realty Income Fund VII (the "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, 2000, and for
the periods ended June 30, 2000, and 1999, is unaudited. Such financial
information includes all adjustments which are considered necessary by the
Partnership's management for a fair presentation of the results for the
periods indicated.
2. PROPERTY
Properties owned by the Partnership are all mini-storage facilities.
Depreciation is calculated using the straight line method over the
estimated useful life of 15 years. The total cost of property and
accumulated depreciation at June 30, 2000, is as follows:
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<S> <C>
Land $ 2,089,800
Buildings and equipment 7,680,134
Equipment 60,760
Total 9,830,694
Less: Accumulated Depreciation ( 7,899,124)
Property - Net $ 1,931,570
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3. 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.
