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, 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 March 31, 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 March 31, 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 March 31, 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: April 30, 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: April 30, 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
April 30, 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 March 31, 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 March 31, 1996 and 1995, total
revenues decreased 2.7% from $420,621 to $409,415 and total expenses
increased from $304,569 to $313,715. Equity in income of the real
estate joint venture decreased 14.4% from $26,090 to $22,346. As a result,
net income decreased 17% from $142,142 to $118,046 for the three month
period ended March 31, 1996, as compared to the same period in 1995.
Occupancy levels for the Partnership's five mini-storage facilities
averaged 85% for the three month period ended March 31, 1996, and 84.1%
for the same period in 1995. The Partnership is continuing its marketing
efforts to attract and keep new tenants in its various mini-storage
facilities. Operating expenses increased approximately $7,000 (2.9%)
primarily as a result of higher repair and maintenance expenses. General
and administrative expenses increased approximately $2,200 (3.5%) primarily
as a result of higher professional fees and computer upgrade and
and consulting expenses, partially offset by lower incentive management
fees. The decrease in income from the real estate joint venture is the
result of lower occupancy and unit rental rates.
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
DSI REALTY INCOME FUND VIII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
MARCH 31, 1996 AND DECEMBER 31, 1995
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 413,884 $ 445,657
PROPERTY 4,220,725 4,318,209
INVESTMENT IN REAL ESTATE
JOINT VENTURE 408,662 417,666
OTHER ASSETS 52,378 64,326
TOTAL $5,095,649 $5,245,858
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 614,680 $ 610,208
PARTNERS' EQUITY:
General Partners (62,971) (61,424)
Limited Partners 4,543,940 4,697,074
Total partners' equity 4,480,969 4,635,650
TOTAL $5,095,649 $5,245,858
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
<TABLE>
March 31, March 31,
1996 1995
REVENUES:
<S> <C> <C>
Rental Income $ 407,059 $ 416,862
Interest 2,356 3,759
Total revenues 409,415 420,621
EXPENSES:
Operating Expenses 248,645 241,673
General and administrative 65,070 62,896
Total expenses 313,715 304,569
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 95,700 116,052
EQUITY IN INCOME OF REAL ESTATE 22,346 26,090
NET INCOME $ 118,046 $ 142,142
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 116,866 $ 140,721
General partners 1,180 1,421
TOTAL $ 118,046 $ 142,142
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 4.87 $ 5.86
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 24,000 24,000
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
EQUITY AT DECEMBER 31, 1994 ($ 56,080) $5,226,130 $5,170,050
NET INCOME 1,421 140,721 142,142
DISTRIBUTIONS (2,727) (270,000) (272,727)
EQUITY AT MARCH 31, 1995 ($57,386) $5,096,851 $5,039,465
EQUITY AT DECEMBER 31, 1995 ($61,424) $4,697,074 $4,635,650
NET INCOME 1,180 116,866 118,046
DISTRIBUTIONS (2,727) (270,000) (272,727)
EQUITY AT MARCH 31, 1996 ($62,971) $4,543,940 $4,480,969
See accompanying notes to consolidated financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
<TABLE>
<CAPTION>
March 31, March 31,
1996 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 118,046 $142,142
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 9,004 10,510
Changes in assets and
liabilities:
Decrease in other assets 11,948 86,874
Increase in liabilities 4,472 47,395
Net cash provided by
operating activities 260,753 404,204
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment (19,799) (971)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (272,727) (272,727)
NET INCREASE IN CASH AND
CASH EQUIVALENTS (31,773) 130,506
CASH AND CASH EQUIVALENTS:
At beginning of period 445,657 424,960
At end of period $ 413,884 $555,466
See accompanying notes to financial statements(unaudited).
</TABLE>
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, 1996, and for
the periods ended March 31, 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 March 31, 1996,
is as follows:
<TABLE>
<S> <C>
Land $ 2,305,310
Buildings and improvements 7,071,497
Equipment 22,831
Total 9,399,638
Less: Accumulated Depreciation ( 5,178,913)
Property - Net $ 4,220,725
</TABLE>
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, 1996, and 1995 is as follows:
<TABLE>
1996 1995
<S> <C> <C>
Revenue $155,364 $168,267
Operating Expenses 80,878 81,300
Net Income $ 74,486 $ 86,967
</TABLE>
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.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS YEAR
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-END> MAR-31-1996 DEC-31-1996
<CASH> 413884 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 9399638 0
<DEPRECIATION> 5178913 0
<TOTAL-ASSETS> 5095649 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 5095649 0
<SALES> 407059 0
<TOTAL-REVENUES> 409415 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 118046 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 118046 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 118046 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
