DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 1999 AND DECEMBER 31, 1998
June 30, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $ 614,761 $ 393,912
PROPERTY, Net 5,561,452 5,720,848
OTHER ASSETS 39,290 37,854
TOTAL $6,215,503 $6,152,614
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 324,054 $ 301,059
PARTNERS' EQUITY (DEFICIT):
General Partners (30,752) (31,151)
Limited Partners 5,922,201 5,882,706
Total partners' equity 5,891,449 5,851,555
TOTAL $6,215,503 $6,152,614
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1999 AND 1998
June 30, June 30,
1999 1998
REVENUES:
Rental income $ 525,569 $ 487,576
Interest 1,523 4,847
Total revenues 527,092 492,423
EXPENSES:
Operating 286,520 261,831
General and Administrative 30,972 32,614
Total expenses 317,492 294,445
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES 209,600 197,978
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURES 0 0
NET INCOME 209,600 197,978
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 207,504 $ 195,998
General Partners 2,096 1,980
TOTAL $ 209,600 $ 197,978
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 10.38 $ 9.80
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, 1999 AND 1998
June 30, June 30,
1999 1998
REVENUES:
Rental income $1,049,916 $ 960,038
Interest 3,090 8,329
Total revenues 1,053,006 968,367
EXPENSES:
Operating 531,391 485,956
General and administrative 77,681 79,955
Total expenses 609,072 565,911
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES $ 443,934 $ 402,456
MINORITY INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURES 0 0
NET INCOME $ 443,934 $ 402,456
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 439,495 $ 398,431
General Partners 4,439 4,025
TOTAL $ 443,934 $ 402,456
NET INCOME PER LIMITED
PARTNERSHIP UNIT $21.97 $19.92
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, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 1998 ($27,068) $6,286,983 $6,259,915
NET INCOME 4,025 398,431 402,456
DISTRIBUTIONS (4,040) (400,000) (404,040)
BALANCE AT JUNE 30, 1998 ($27,083) $6,285,414 $6,258,331
BALANCE AT JANUARY 1, 1999 ($31,151) $5,882,706 $5,851,555
NET INCOME 4,439 439,495 443,934
DISTRIBUTIONS (4,040) (400,000) (404,040)
BALANCE AT JUNE 30, 1999 ($30,752) $5,922,201 $5,891,449
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998
June 30, June 30,
1999 1998
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 443,934 $ 402,456
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 (1,436) (10,293)
Increase in liabilities 22,995 35,549
Net cash provided by
operating activities 624,889 587,108
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property and equipment 0 (16,887)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (404,040) (404,040)
NET INCREASE CASH AND
CASH EQUIVALENTS 220,849 166,181
CASH AND CASH EQUIVALENTS:
At beginning of period 393,912 500,351
At end of period $ 614,761 $ 666,532
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, 1999, and for the
periods ended June 30, 1999, and 1998 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, 1999, 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, 1999, the total property cost and accumulated
depreciation are as follows:
Land $ 1,894,250
Buildings 6,474,340
Furniture and equipment 7,594
Total 8,376,184
Less: Accumulated Depreciation ( 2,814,732)
Property - Net $ 5,561,452
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.