DSI REALTY INCOME FUND VIII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 721,346 $ 483,308
PROPERTY, Net 2,108,238 2,460,088
INVESTMENT IN REAL ESTATE
JOINT VENTURE 181,012 222,444
OTHER ASSETS 44,013 44,013
TOTAL $3,054,609 $3,209,853
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 637,645 $ 603,707
PARTNERS' EQUITY (DEFICIT):
General Partners (83,615) (81,721)
Limited Partners 2,500,279 2,687,867
Total partners' equity 2,416,664 2,606,146
TOTAL $3,054,609 $3,209,853
See accompanying notes to financial statements(unaudited).
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STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
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<CAPTION>
September 30, September 30,
2000 1999
REVENUES:
<S> <C> <C>
Rental income $ 565,527 $ 503,289
Interest 1,917 1,346
Total revenues 567,444 504,635
EXPENSES:
Operating 332,560 276,936
General and administrative 42,426 45,000
Total expenses 374,986 321,936
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 192,458 182,699
EQUITY IN INCOME OF
REAL ESTATE JOINT VENTURE 29,487 32,377
NET INCOME $ 221,945 $ 215,076
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 219,726 $ 212,925
General partners 2,219 2,151
TOTAL $ 221,945 $ 215,076
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 9.16 $ 8.87
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 24,000 24,000
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION>
September 30, September 30,
2000 1999
<S> <C> <C>
REVENUES:
Rental income $1,607,293 $1,469,577
Interest 5,207 4,298
Total revenues 1,612,500 1,473,875
EXPENSES:
Operating 904,034 841,638
General and administrative 167,635 157,918
Total expenses 1,071,669 999,556
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 540,831 474,319
EQUITY IN INCOME OF REAL
ESTATE JOINT VENTURE 87,868 87,602
NET INCOME $628,699 $561,921
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 622,412 556,302
General Partners 6,287 5,619
TOTAL 628,669 561,921
NET INCOME PER LIMITED
PARTNERSHIP UNIT $25.93 $23.18
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 NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
BALANCE AT JANUARY 1, 1999 ($77,150) $3,140,323 $3,063,173
NET INCOME 5,619 556,302 561,921
DISTRIBUTIONS (8,181) (810,000) (818,181)
BALANCE AT SEPTEMBER 30, 1999 ($79,712) $2,886,625 $2,806,913
BALANCE AT JANUARY 1, 2000 ($81,721) $2,687,867 $2,606,146
NET INCOME 6,287 622,412 628,699
DISTRIBUTIONS (8,181) (810,000) (818,181)
BALANCE AT SEPTEMBER 30, 2000 ($83,615) $2,500,279 $2,416,664
See accompanying notes to consolidated financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION>
September 30, September 30,
2000 1999
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 628,699 $561,921
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 351,850 351,850
Equity in earnings of
real estate joint venture (87,868) (87,602)
Distributions from
real estate joint venture 129,300 110,700
Changes in assets and
liabilities:
Increase in other assets 0 (1,659)
Increase in liabilities 34,238 64,375
Net cash provided by
operating activities 1,056,219 999,585
CASH FLOWS FROM INVESTING ACTIVITIES -
Additions to property (14,774)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (818,181) (818,181)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 238,038 166,630
CASH AND CASH EQUIVALENTS:
At beginning of period 483,308 458,025
At end of period $ 721,346 $ 624,655
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 September 30, 2000, and for
the periods ended September 30, 2000, and 1999 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 September 30, 2000,
is as follows:
<TABLE>
<S> <C>
Land $ 2,287,427
Buildings and improvements 7,100,557
Equipment 22,831
Total 9,410,815
Less: Accumulated Depreciation ( 7,302,577)
Property - Net $ 2,108,238
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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
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. Summarized income statement information for the nine months
ended September 30, 2000, and 1999 is as follows:
<TABLE>
2000 1999
<S> <C> <C>
Revenue $583,083 $575,192
Operating Expenses 290,192 283,186
Net Income $292,891 $292,006
</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.
