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, 2000
/___/ 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.)
6700 E. Pacific Coast Hwy., Long Beach, California 90803
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code-(562)493-8881
_________________________________________________________________
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, 2000 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, 2000.
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, 2000.
(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 28, 2000 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 28, 2000 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 28, 2000
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, 2000. 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, 2000 and 1999, total
revenues increased 5.1% from $488,691 to $513,381 and total expenses
decreased 1.0% from $351,201 to $347,648. Equity in income of the real
estate joint venture increased 25.5% from $25,649 to $32,189. As a result,
net income increased from $163,139 to $197,922 for the three-month period
ended March 31, 2000, as compared to the same period in 1999. Rental revenue
increased as a result of higher occupancy and unit rental rates. Occupancy
levels for the Partnership's five mini-storage facilities averaged 84.0% for
the three month period ended March 31, 2000 and 81.4% for the same period
in 1999. The Partnership is continuing its marketing efforts to attract
and keep new tenants in its various mini-storage facilities. Operating
expenses decreased approximately $8,200 (2.9%) primarily as a result of
lower maintenance and repair expense, partially offset by an increase
salaries and wages expense. General and administrative expenses increased
approximately $4,700 (7.0%) primarily as a result of higher incentive manage-
ment fees. Incentive management fees, which are based on cash available
for distribution, increased as a result of the increase in net income.
Equity in income of real estate joint venture increased as a result of
lower operating expenses, primarily maintenance and repair expense, at
that facility.
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, 2000 AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 524,555 $ 483,308
PROPERTY, NET 2,342,805 2,460,088
INVESTMENT IN REAL ESTATE
JOINT VENTURE 213,833 222,444
OTHER ASSETS 49,728 44,013
TOTAL $3,130,921 $3,209,853
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 599,580 $ 603,707
PARTNERS' EQUITY (DEFICIT):
General Partners (82,469) (81,721)
Limited Partners 2,613,810 2,687,867
Total partners' equity 2,531,341 2,606,146
TOTAL $3,130,921 $3,209,853
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
<TABLE>
March 31, March 31,
2000 1999
REVENUES:
<S> <C> <C>
Rental Income $ 511,891 $ 487,135
Interest 1,490 1,556
Total revenues 513,381 488,691
EXPENSES:
Operating 276,040 284,245
General and administrative 71,608 66,956
Total expenses 347,648 351,201
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 165,733 137,490
EQUITY IN INCOME OF REAL ESTATE 32,189 25,649
NET INCOME $ 197,922 $ 163,139
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 195,943 $ 161,508
General partners 1,979 1,631
TOTAL $ 197,922 $ 163,139
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 8.16 $ 6.73
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 (DEFICIT)(UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 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 1,631 161,508 163,139
DISTRIBUTIONS (2,727) (270,000) (272,727)
BALANCE AT MARCH 31, 1999 ($78,246) $3,031,831 $2,953,585
BALANCE AT JANUARY 1, 2000 ($81,721) $2,687,867 $2,606,146
NET INCOME 1,979 195,943 197,922
DISTRIBUTIONS (2,727) (270,000) (272,727)
BALANCE AT MARCH 31, 2000 ($82,469) $2,613,810 $2,531,341
See accompanying notes to consolidated financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
<TABLE>
<CAPTION>
March 31, March 31,
2000 1999
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 197,922 $163,139
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 117,283 117,283
Equity in earnings of real
estate joint venture (32,189) (25,649)
Distributions from real
estate joint venture 40,800 32,400
Changes in assets and
liabilities:
Increase in other assets (5,715) 0
Decrease(increase)in liabilities (4,127) 37,628
Net cash provided by
operating activities 313,974 324,801
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (272,727) (272,727)
NET INCREASE(DECREASE)IN CASH AND
CASH EQUIVALENTS 41,247 52,074
CASH AND CASH EQUIVALENTS:
At beginning of period 483,308 458,025
At end of period $ 524,555 $510,099
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, 2000, and for
the periods ended March 31, 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 March 31, 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 ( 7,068,010)
Property - Net $ 2,342,805
</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, 2000, and 1999 is as follows:
<TABLE>
2000 1999
<S> <C> <C>
Revenue $199,079 $192,777
Operating Expenses 91,784 107,281
Net Income $107,295 $ 85,496
</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-31-2000 DEC-31-2000
<PERIOD-END> MAR-31-2000 DEC-31-2000
<CASH> 524555 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 9410815 0
<DEPRECIATION> 7068010 0
<TOTAL-ASSETS> 3130921 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 3130921 0
<SALES> 511891 0
<TOTAL-REVENUES> 513381 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 197922 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 197922 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 197922 0
<EPS-BASIC> 0 0
<EPS-DILUTED> 0 0
</TABLE>
