DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 1996 AND DECEMBER 31, 1995
June 30, December 31,
1996 1995
ASSETS
CASH AND CASH EQUIVALENTS $ 398,366 $ 277,455
PROPERTY 6,456,720 6,616,116
OTHER ASSETS 33,119 19,566
TOTAL $6,888,205 $6,913,137
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 232,517 $ 245,505
PARTNERS' EQUITY:
General Partners (23,112) (22,992)
Limited Partners 6,678,800 6,690,624
Total partners' equity 6,655,688 6,667,632
TOTAL $6,888,205 $6,913,137
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30,
1996 1995
REVENUES:
Rental Income $ 452,760 $ 407,356
Interest 2,840 2,660
Total revenues 455,600 410,016
EXPENSES:
Operating Expenses 241,315 248,230
General and administrative 32,939 32,878
Total expenses 274,254 281,108
NET INCOME $ 181,346 $ 128,908
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 179,533 $ 127,619
General partners 1,813 1,289
TOTAL $ 181,346 $ 128,908
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 8.98 $ 6.38
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, 1996 AND 1995
June 30, June 30,
1996 1995
REVENUES:
Rental Income $891,389 $831,539
Interest 4,213 4,616
Total revenues 895,602 836,155
EXPENSES:
Operating expenses 475,589 474,299
General and administrative 78,421 74,952
Total expenses 554,010 549,251
NET INCOME 341,592 286,904
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 338,176 284,035
General partners 3,416 2,869
TOTAL 341,592 286,904
NET INCOME PER LIMITED
PARTNERSHIP UNIT $16.91 $14.20
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1994 ($ 19,863) $7,000,382 $6,980,519
NET INCOME 2,869 284,035 286,904
DISTRIBUTIONS (3,536) (350,000) (353,536)
EQUITY AT JUNE 30, 1995 ($20,530) $6,934,417 $6,913,887
EQUITY AT DECEMBER 31, 1995 ($22,992) $6,690,624 $6,667,632
NET INCOME 3,416 338,176 341,592
DISTRIBUTIONS (3,536) (350,000) (353,536)
EQUITY AT JUNE 30, 1996 ($23,112) $6,678,800 $6,655,688
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30,
1996 1995
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 341,592 $ 286,904
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 (13,553) (12,870)
Decrease in liabilities (12,988) (2,510)
Net cash provided by
operating activities 474,447 430,920
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property and equipment (4,982)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (353,536) (353,536)
NET INCREASE CASH AND
CASH EQUIVALENTS 120,911 74,402
CASH AND CASH EQUIVALENTS:
At beginning of period 277,455 299,707
At end of period $ 398,366 $ 372,109
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, 1996, and for the
periods ended June 30, 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 June 30, 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 June 30, 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 ( 1,852,045)
Property - Net $ 6,456,720
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.