DSI REALTY INCOME FUND VIII

CIK:0000743366|SEC Filings

Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

As of February 5, 2015, the sale of all the properties was approved by the affirmative vote of the holders of approximately 56.0% of the outstanding units of limited partnership interests in the Fund. As of December 31, 2014 and 2013, all the properties have been classified as discontinued operation.

The following table summarizes the balance sheets components that comprise discontinued operations:


BALANCE SHEETS	2014	2013
ASSETS
Cash	$ 139,089	$ 47,563
Property, net	1,863,245	2,002,039
Uncollected rental revenue	54,597	88,712
Investment in joint venture	195,201	198,031
Other assets	12,200	15,394
TOTAL ASSETS OF DISCONTINUED OPERATIONS	$ 2,264,332	$ 2,351,739

LIABILITIES
Incentive management fee liability	24,267	34,932
Property management fee liability	8,493	6,865
Deferred income	34,835	32,492
Accrued expenses	9,151	7,470
Other liabilities	22,275	10,917
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS	99,020	92,677
NET ASSETS OF DISCONTINUED OPERATIONS	$ 2,165,312	$ 2,259,062

The following table summarizes the revenue and expense components that comprise discontinued operations:

	For the year ended December 31,
	2014	2013

REVENUE	$2,369,638	$1,810,607
DEPRECIATION	10,620	15,091
OPERATING EXPENSES	742,520	756,591
GP’S INCENTIVE FEES	95,442	72,068
PROPERTY MANAGEMENT FEE	100,102	88,422
G&A EXPENSES	93,990	119,784
NET OPERATING INCOME FROM DISCONTINUED OPERATIONS	1,326,964	758,650
TOTAL INCOME FROM DISCONTINUED OPERATIONS	$1,326,964	$758,650

Statements of Cash Flows (USD $)	12 Months Ended
Statements of Cash Flows (USD $)	Dec. 31, 2014	Dec. 31, 2013
Statement of Cash Flows [Abstract]
Net income attributable to the Partnership	$ 1,270,566us-gaap_IncomeLossAttributableToParent	$ 682,417us-gaap_IncomeLossAttributableToParent
Less: Net income from discontinued operations	1,502,634divse_NetIncomeFromContinuingActivities	870,435divse_NetIncomeFromContinuingActivities
Net loss from continuing operating activities	(232,068)	(188,019)
Net cash provided by operating activities from continuing operations	232,068	188,019
Net cash provided by operating activities from discontinued operations	1,593,554	995,780
Net cash provided by operating activities	1,361,486	807,761
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to partners	1,164,455us-gaap_PaymentsOfCapitalDistribution	736,509us-gaap_PaymentsOfCapitalDistribution
Net cash used in financing activities	(1,164,455)	(736,509)
NET iNCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS	197,031	71,252
CASH, AT BEGINNING OF YEAR	460,023	450,731
Cash from continuing components	412,460	341,208
Cash from discontinued components	47,563	109,523
CASH, AT END OF YEAR	748,580	460,023
Cash from continuing components	609,491	412,460
Cash from discontinued components	139,089	47,563
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	0us-gaap_InterestPaid	0us-gaap_InterestPaid
NON CASH INVESTING AND FINANCING ACTIVITIES:
Distributions due partners included in partners' equity	$ 181,818	$ 181,818

Discontinued Operations - Discontinued Balance Sheets (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Cash	$ 139,089	$ 47,563	$ 109,523
Property, net	1,863,245	2,002,039
Uncollected rental revenue	54,597	88,712
Investment in joint venture	195,201	198,031
Other assets	12,200	15,394
TOTAL ASSETS OF DISCONTINUED OPERATIONS	2,264,332	2,351,739
LIABILITIES
Incentive management fee liability	24,267	34,932
Property management fee liability	8,493	6,865
Deferred income	34,835	32,492
Accrued expenses	9,151	7,470
Other liabilities	22,275	10,917
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS	99,020	92,677
NET ASSETS OF DISCONTINUED OPERATIONS	$ 2,165,312divse_NetAssetsOfDiscontinuedOperations	$ 2,259,062divse_NetAssetsOfDiscontinuedOperations