DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 1998 AND DECEMBER 31, 1997
June 30, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $ 666,532 $ 500,351
PROPERTY 5,843,795 5,986,304
OTHER ASSETS 41,219 30,926
TOTAL $6,551,546 $6,517,581
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 293,215 $ 257,666
PARTNERS' EQUITY:
General Partners (27,083) (27,068)
Limited Partners 6,285,414 6,286,983
Total partners' equity 6,258,331 6,259,915
TOTAL $6,551,546 $6,517,581
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1998 1997
REVENUES:
Rental Income $ 487,576 $ 461,442
Interest 4,847 3,537
Total revenues 492,423 464,979
EXPENSES:
Operating Expenses 261,831 250,053
General and Administrative 32,614 29,821
Total expenses 294,445 279,874
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES 197,978 185,105
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURES 0 0
NET INCOME 197,978 185,105
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 195,998 $ 183,254
General partners 1,980 1,851
TOTAL $ 197,978 $ 185,105
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 9.80 $ 9.16
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 SIX MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1998 1997
REVENUES:
Rental Income $ 960,038 $ 925,014
Interest 8,329 6,063
Total revenues 968,367 931,077
EXPENSES:
Operating Expenses 485,956 474,995
General and administrative 79,955 74,857
Total expenses 565,911 549,852
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES $ 402,456 $ 381,225
MINORITY INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURES 0 0
NET INCOME $ 402,456 $ 402,456
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 398,431 $ 377,413
General partners 4,025 3,812
TOTAL $ 402,456 $ 381,225
NET INCOME PER LIMITED
PARTNERSHIP UNIT $19.92 $18.87
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 SIX MONTHS ENDED JUNE 30, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1996 ($25,145) $6,477,469 $6,452,324
NET INCOME 3,812 377,413 381,225
DISTRIBUTIONS (3,536) (350,000) (353,536)
EQUITY AT JUNE 30, 1997 ($24,869) $6,504,882 $6,480,013
EQUITY AT DECEMBER 31, 1997 ($27,068) $6,286,983 $6,259,915
NET INCOME 4,025 398,431 402,456
DISTRIBUTIONS (4,040) (400,000) (404,040)
EQUITY AT JUNE 30, 1998 ($27,083) $6,285,414 $6,258,331
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1998 1997
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 402,456 $ 381,225
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 159,396 159,396
Changes in assets and
liabilities:
Increase in other assets (10,293) (19,676)
Increase in liabilities 35,549 3,263
Net cash provided by
operating activities 587,108 524,208
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property and equipment (16,887)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (404,040) (353,536)
NET INCREASE CASH AND
CASH EQUIVALENTS 166,181 170,672
CASH AND CASH EQUIVALENTS:
At beginning of period 500,351 384,938
At end of period $ 666,532 $ 555,610
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 June 30, 1998, and for the
periods ended June 30, 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 June 30, 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 June 30, 1998, the total property cost and accumulated
depreciation are as follows:
Land $ 1,894,250
Buildings 6,437,441
Furniture and equipment 7,594
Total 8,339,285
Less: Accumulated Depreciation ( 2,495,490)
Property - Net $ 5,843,795
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.