DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
September 30, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $ 569,158 $ 384,938
PROPERTY 6,066,002 6,305,096
OTHER ASSETS 59,104 19,566
TOTAL $6,694,264 $6,709,600
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 280,933 $ 257,276
PARTNERS' EQUITY:
General Partners (25,536) (25,145)
Limited Partners 6,438,867 6,477,469
Total partners' equity 6,413,331 6,452,324
TOTAL $6,694,264 $6,709,600
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
REVENUES:
Rental Income $ 482,853 $ 477,218
Interest 4,766 3,436
Total revenues 487,619 480,654
EXPENSES:
Operating Expenses 244,065 229,340
General and administrative 24,468 24,729
Total expenses 268,533 254,069
INCOME BEFORE MINORITY INTEREST IN
INCOME OR REAL ESTATE JOINT VENTURES 219,086 226,585
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURES 109,000 103,000
NET INCOME $ 110,086 $ 123,585
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 108,985 $ 122,349
General partners 1,101 1,236
TOTAL $ 110,086 $ 123,585
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 5.45 $ 6.12
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
REVENUES:
Rental Income $1,407,867 $1,368,607
Interest 10,829 7,649
Total revenues 1,418,696 1,376,256
EXPENSES:
Operating expenses 719,060 704,929
General and administrative 99,325 103,150
Total expenses 818,385 808,079
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES 600,311 568,177
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURES 109,000 103,000
NET INCOME 491,311 469,177
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 486,398 460,525
General partners 4,913 4,652
TOTAL 491,311 465,177
NET INCOME PER LIMITED
PARTNERSHIP UNIT $24.32 $23.03
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1995 ($22,992) $6,690,624 $6,667,632
NET INCOME 4,652 460,525 465,177
DISTRIBUTIONS (5,304) (525,000) (530,304)
EQUITY AT SEPTEMBER 30, 1996 ($23,644) $6,626,149 $6,602,505
EQUITY AT DECEMBER 31, 1996 ($25,145) $6,477,469 $6,452,324
NET INCOME 4,913 486,398 491,311
DISTRIBUTIONS (5,304) (525,000) (530,304)
EQUITY AT SEPTEMBER 30, 1997 ($25,536) $6,438,867 $6,413,331
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 491,311 $ 465,177
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 239,094 239,094
Changes in assets and
liabilities:
Increase in other assets (39,538) (23,357)
Increase in liabilities 23,657 23,885
Net cash provided by
operating activities 714,524 704,799
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property and equipment (13,634)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (530,304) (530,304)
NET INCREASE CASH AND
CASH EQUIVALENTS 184,220 160,861
CASH AND CASH EQUIVALENTS:
At beginning of period 384,938 277,455
At end of period $ 569,158 $ 438,316
See accompanying notes to financial statements(unaudited).
DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL
DSI Realty Income Fund XI (the "Partnership"), a limited partnership, has
three general partners (DSI Properties, Inc., Robert J. Conway and
Joseph W. Conway) and limited partners owning 20,000 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, 1997, and for the
periods ended September 30, 1997, and 1996 is unaudited. Such financial
information includes all adjustments which are considered necessary by
the Partnership's management for a fair presentation of the results for
the periods indicated.
2. PROPERTY
As of September 30, 1997, the Partnership has purchased a 90% interest
in a mini-storage facility in Whittier, California; an 85% interest in
an existing mini-storage in Edgewater Park, New Jersey; a 90% interest
in an existing mini-storage facility in Bloomingdale, Illinois; and a
75% interest in an existing mini-storage in Sterling Heights, Michigan
from Dahn Corporation. The remaining percentages are owned by four
California Limited Partnerships, of which Dahn Corporation is the
General Partner.
As of September 30, 1997, the total property cost and accumulated
depreciation are as follows:
Land $ 1,894,250
Buildings 6,420,554
Furniture and equipment 7,594
Total 8,322,398
Less: Accumulated Depreciation ( 2,256,396)
Property - Net $ 6,066,002
3. 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.