DSI REALTY INCOME FUND VIII
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 2000 AND DECEMBER 31, 1999
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<CAPTION>
June 30, December 31,
2000 1999
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 618,084 $ 483,308
PROPERTY, Net 2,225,522 2,460,088
INVESTMENT IN REAL ESTATE
JOINT VENTURE 203,424 222,444
OTHER ASSETS 44,013 44,013
TOTAL $3,091,043 $3,209,853
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 623,597 $ 603,707
PARTNERS' EQUITY (DEFICIT):
General Partners (83,107) (81,721)
Limited Partners 2,550,551 2,687,867
Total partners' equity 2,467,446 2,606,146
TOTAL $3,091,043 $3,209,853
See accompanying notes to financial statements(unaudited).
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STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
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June 30, June 30,
2000 1999
REVENUES:
<S> <C> <C>
Rental income $ 529,876 $ 479,153
Interest 1,800 1,396
Total revenues 531,676 480,549
EXPENSES:
Operating 295,434 280,457
General and administrative 53,601 45,962
Total expenses 349,035 326,419
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 182,641 154,130
EQUITY IN INCOME OF REAL ESTATE
JOINT VENTURE 26,189 29,576
NET INCOME $ 208,830 $ 183,706
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 206,742 $ 181,869
General Partners 2,088 1,837
TOTAL $ 208,830 $ 183,706
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 8.61 $ 7.58
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 $1,041,767 $ 966,288
Interest 3,290 2,952
Total Revenues 1,045,057 969,240
EXPENSES:
Operating 571,474 564,702
General and Administrative 125,209 112,918
Total Expenses 696,683 677,620
INCOME BEFORE EQUITY IN INCOME OF
REAL ESTATE JOINT VENTURE 348,374 291,620
EQUITY IN INCOME OF REAL
ESTATE JOINT VENTURE 58,380 55,225
NET INCOME $ 406,754 $ 346,845
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 402,686 $ 343,377
General Partners 4,068 3,468
TOTAL $ 406,754 $ 346,845
NET INCOME PER LIMITED PARTNERSHIP UNIT $16.78 $14.31
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 (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 ($77,150) $3,140,323 $3,063,173
NET INCOME 3,468 343,377 346,845
DISTRIBUTIONS (5,454) (540,000) (545,454)
BALANCE AT JUNE 30, 1999 ($79,136) $2,943,700 $2,864,564
BALANCE AT JANUARY 1, 2000 ($81,721) $2,687,867 $2,606,146
NET INCOME 4,068 402,686 406,754
DISTRIBUTIONS (5,454) (540,000) (545,454)
BALANCE AT JUNE 30, 2000 ($83,107) $2,550,553 $2,467,446
See accompanying notes to consolidated financial statements(unaudited).
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STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
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<CAPTION>
June 30, June 30,
2000 1999
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 406,754 $ 346,845
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 234,566 234,567
Equity in earnings of
real estate joint venture (58,380) (55,225)
Distributions from real
estate joint venture 77,400 62,700
Changes in assets and
liabilities:
Increase in other assets 0 (71)
Increase in liabilities 19,890 29,630
Net cash provided by
operating activities 680,230 618,446
CASH FLOWS FROM INVESTING ACTIVITIES -
Additions to property (14,774)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (545,454) (545,454)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 134,776 58,218
CASH AND CASH EQUIVALENTS:
At beginning of period 483,308 458,025
At end of period $ 618,084 $516,243
See accompanying notes to financial statements(unaudited).
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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, 2000, and for
the periods ended June 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 June 30, 2000,
is as follows:
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<S> <C>
Land $ 2,287,427
Buildings and improvements 7,100,557
Equipment 22,831
Total 9,410,815
Less: Accumulated Depreciation ( 7,185,293)
Property - Net $ 2,225,522
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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 six months
ended June 30, 2000, and 1999 is as follows:
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2000 1999
<S> <C> <C>
Revenue $382,920 $381,321
Operating Expenses 188,326 197,236
Net Income $194,594 $184,085
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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.
