DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
MARCH 31, 2000 AND DECEMBER 31, 1999
March 31, December 31,
2000 1999
ASSETS
CASH AND CASH EQUIVALENTS $ 503,357 $ 399,760
PROPERTY,NET 5,322,358 5,402,056
OTHER ASSETS 39,290 39,290
TOTAL $5,865,005 $5,841,106
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 327,910 $ 315,341
PARTNERS' EQUITY(DEFICIT):
General Partners (34,296) (34,409)
Limited Partners 5,571,391 5,560,174
Total partners' equity 5,537,095 5,525,765
TOTAL $5,865,005 $5,841,106
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
March 31, March 31,
2000 1999
REVENUES:
Rental Income $ 520,828 $ 524,347
Interest 1,607 1,567
Total revenues 522,435 525,914
EXPENSES:
Operating 260,731 244,871
General and administrative 48,354 46,709
Total expenses 309,085 291,580
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES 213,350 234,334
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURES 0 0
NET INCOME $ 213,350 $ 234,334
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 211,217 $ 231,991
General partners 2,133 2,343
TOTAL $ 213,350 $ 234,334
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 10.56 $ 11.60
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 (DEFICIT)(UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 1999 ($31,151) $5,882,706 $5,851,555
NET INCOME 2,343 231,991 234,334
DISTRIBUTIONS (2,020) (200,000) (202,020)
BALANCE AT MARCH 31, 1999 ($30,828) $5,914,697 $5,883,869
BALANCE AT JANUARY 1, 2000 ($34,409) $5,560,174 $5,525,765
NET INCOME 2,133 211,217 213,350
DISTRIBUTIONS (2,020) (200,000) (202,020)
BALANCE AT MARCH 31, 2000 ($34,296) $5,571,391 $5,537,095
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
March 31, March 31,
2000 1999
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 213,350 $ 234,334
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 79,698 79,698
Changes in assets and
liabilities:
Increase in other assets 0 (1,435)
Increase in liabilities 12,569 28,033
Net cash provided by
operating activities 305,617 340,630
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (202,020) (202,020)
NET INCREASE CASH AND
CASH EQUIVALENTS 103,597 138,610
CASH AND CASH EQUIVALENTS:
At beginning of period 399,760 393,912
At end of period $ 503,357 $ 532,522
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, 2000, and for the
periods ended March 31, 2000, and 1999 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, 2000, 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, 2000, 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 ( 3,053,826)
Property - Net $ 5,322,358
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.