DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
MARCH 31, 1996 AND DECEMBER 31, 1995
March 31, December 31,
1996 1995
ASSETS
CASH AND CASH EQUIVALENTS $ 332,948 $ 277,455
PROPERTY 6,536,419 6,616,116
OTHER ASSETS 32,994 19,566
TOTAL $6,902,361 $6,913,137
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 251,251 $ 245,505
PARTNERS' EQUITY:
General Partners (23,158) (22,992)
Limited Partners 6,674,268 6,690,624
Total partners' equity 6,651,110 6,667,632
TOTAL $6,902,361 $6,913,137
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
REVENUES:
Rental Income $ 438,629 $ 424,183
Interest 1,373 1,956
Total revenues 440,002 426,139
EXPENSES:
Operating Expenses 234,274 226,069
General and administrative 45,482 42,074
Total expenses 279,756 268,143
NET INCOME $ 160,246 $ 157,996
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 158,644 $ 156,416
General partners 1,602 1,580
TOTAL $ 160,246 $ 157,996
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 7.93 $ 7.82
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, 1996 AND 1995
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1994 ($ 19,863) $7,000,382 $6,980,519
NET INCOME 1,580 156,416 157,996
DISTRIBUTIONS (1,768) (175,000) (176,768)
EQUITY AT MARCH 31, 1995 ($20,051) $6,981,798 $6,961,747
EQUITY AT DECEMBER 31, 1995 ($22,992) $6,690,624 $6,667,632
NET INCOME 1,602 158,644 160,246
DISTRIBUTIONS (1,768) (175,000) (176,768)
EQUITY AT MARCH 31, 1996 ($23,158) $6,674,268 $6,651,110
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 160,246 $ 157,996
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 79,697 79,698
Changes in assets and
liabilities:
Increase in other assets (13,428) (11,500)
Increase in liabilities 5,746 16,437
Net cash provided by
operating activities 232,261 242,631
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (176,768) (176,768)
NET INCREASE CASH AND
CASH EQUIVALENTS 55,493 65,863
CASH AND CASH EQUIVALENTS:
At beginning of period 277,455 299,707
At end of period $ 332,948 $ 365,570
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, 1996, and for the
periods ended March 31, 1996, and 1995 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, 1996, 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, 1996, the total property cost and accumulated
depreciation are as follows:
Land $ 1,894,250
Buildings 6,406,921
Furniture and equipment 7,594
Total 8,308,765
Less: Accumulated Depreciation ( 1,772,346)
Property - Net $ 6,536,419
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.