DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
MARCH 31, 1998 AND DECEMBER 31, 1997
March 31, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $ 603,837 $ 500,351
PROPERTY 5,906,493 5,986,304
OTHER ASSETS 46,046 30,926
TOTAL $6,556,426 $6,517,581
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 294,053 $ 257,666
PARTNERS' EQUITY:
General Partners (27,043) (27,068)
Limited Partners 6,289,416 6,286,983
Total partners' equity 6,262,373 6,259,915
TOTAL $6,556,426 $6,517,581
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31,
1998 1997
REVENUES:
Rental Income $ 472,462 $ 463,572
Interest 3,482 2,526
Total revenues 475,944 466,098
EXPENSES:
Operating Expenses 224,125 224,942
General and Administrative 47,341 45,036
Total expenses 271,466 269,978
INCOME BEFORE MINORITY
INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURE 204,478 196,120
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURES 0 0
NET INCOME $ 204,478 $ 196,120
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 202,433 $ 194,159
General partners 2,045 1,961
TOTAL $ 204,478 $ 196,120
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 10.12 $ 9.71
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 THREE MONTHS ENDED MARCH 31, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1996 ($25,145) $6,477,469 $6,452,324
NET INCOME 1,961 194,159 196,120
DISTRIBUTIONS (1,768) (175,000) (176,768)
EQUITY AT MARCH 31, 1997 ($24,952) $6,496,628 $6,471,676
EQUITY AT DECEMBER 31, 1997 ($27,068) $6,286,983 $6,259,915
NET INCOME 2,045 202,433 204,478
DISTRIBUTIONS (2,020) (200,000) (202,020)
EQUITY AT MARCH 31, 1998 ($27,043) $6,289,416 $6,262,373
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31,
1998 1997
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 204,478 $ 196,120
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 79,698 79,698
Changes in assets and
liabilities:
Increase in other assets (15,120) (30,125)
Increase in liabilities 36,387 18,421
Net cash provided by
operating activities 305,443 264,114
CASH FLOWS FROM INVESTING ACTIVITIES -
Disposal of property and equipment 113
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (202,020) (176,768)
NET INCREASE CASH AND
CASH EQUIVALENTS 103,536 87,346
CASH AND CASH EQUIVALENTS:
At beginning of period 500,351 384,938
At end of period $ 603,887 $ 472,284
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 March 31, 1998, and for the
periods ended March 31, 1998, and 1997 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 March 31, 1998, 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 Parnterships, of which Dahn Corporation is the
General Partner.
As of March 31, 1998, the total property cost and accumulated
depreciation are as follows:
Land $ 1,894,250
Buildings 6,420,441
Furniture and equipment 7,594
Total 8,322,285
Less: Accumulated Depreciation ( 2,415,792)
Property - Net $ 5,096,493
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.