DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 1997 AND DECEMBER 31, 1996
June 30, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $ 555,610 $ 384,938
PROPERTY 6,145,700 6,305,096
OTHER ASSETS 39,242 19,566
TOTAL $6,740,552 $6,709,600
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 260,539 $ 257,276
PARTNERS' EQUITY:
General Partners (24,869) (25,145)
Limited Partners 6,504,882 6,477,469
Total partners' equity 6,480,013 6,452,324
TOTAL $6,740,552 $6,709,600
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $ 461,442 $ 452,760
Interest 3,537 2,840
Total revenues 464,979 455,600
EXPENSES:
Operating Expenses 250,053 241,315
General and Administrative 29,821 32,939
Total expenses 279,874 274,254
NET INCOME $ 185,105 $ 181,346
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 183,254 $ 179,533
General partners 1,851 1,813
TOTAL $ 185,105 $ 181,346
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 9.16 $ 8.98
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, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $ 925,014 $ 891,389
Interest 6,063 4,213
Total revenues 931,077 895,602
EXPENSES:
Operating Expenses 474,995 475,589
General and administrative 74,857 78,421
Total expenses 549,852 554,010
NET INCOME $ 381,225 $ 341,592
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 377,413 $ 338,176
General partners 3,812 3,416
TOTAL $ 381,225 $ 341,592
NET INCOME PER LIMITED
PARTNERSHIP UNIT $18.87 $16.91
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 JUNE 30, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
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
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
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 381,225 $ 341,592
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 (19,676) (13,553)
Increase(Decrease)in liabilities 3,263 (12,988)
Net cash provided by
operating activities 524,208 474,447
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (353,536) (353,536)
NET INCREASE CASH AND
CASH EQUIVALENTS 170,672 120,911
CASH AND CASH EQUIVALENTS:
At beginning of period 384,938 277,455
At end of period $ 555,610 $ 398,366
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, 1997, and for the
periods ended June 30, 1997, and 1996 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, 1997, 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, 1997, the total property cost and accumulated
depreciation are as follows:
Land $ 1,894,250
Buildings 6,420,554
Furniture and equipment 7,594
Total 8,322,398
Less: Accumulated Depreciation ( 2,176,698)
Property - Net $ 6,145,700
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.