SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
/_x_/ Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934.
For the quarterly period ended June 30, 2001
/___/ Transition report pursuant to Section 13 or 15(d) of the
Securities Act of 1934
for the transition period from ______________ to ________________.
Commission File Number 33-26038
DSI REALTY INCOME FUND XI, A California Limited Partnership
(Exact name of registrant as specified in its charter)
California_______________________________________33-0324161
(State or other jurisdiction of (I.R.S. Employer
incorporation) Identification No.)
6700 E. Pacific Coast Hwy, Long Beach, California 90803
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code-(562)493-8881
_________________________________________________________________
Former name, former address and former fiscal year, if changed
since last report.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes _x_. No__.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The information required by Rule 10-01 of Regulation S-X is
included in the Quarterly Report to the Limited Partners of Registrant for
the period ended June 30, 2001 which is attached hereto as Exhibit "20"
and incorporated herein by this reference.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Registrant incorporates by this reference its Quarterly Report to
Limited Partners for the period ended June 30, 2001.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8K.
(a) Attached hereto as Exhibit "20" is Registrant's Quarterly
Report to Limited Partners for the period ended June 30, 2001.
(B) Registrant did not file any reports on Form 8-K for the
period reported upon.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: July 31, 2001 DSI REALTY INCOME FUND XI
A California Limited Partnership
(Registrant)
By____\s\ Robert J. Conway_____
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial Officer
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: July 31, 2001 DSI REALTY INCOME FUND XI
A California Limited Partnership
(Registrant)
By__\s\ Robert J. Conway________
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial Officer
July 31, 2001
QUARTERLY REPORT TO THE LIMITED PARTNERS
OF DSI REALTY INCOME FUND XI
DEAR LIMITED PARTNERS:
We are pleased to enclose the Partnership's unaudited financial statements
for the period ended June 30, 2001. The following is Management's
discussion and analysis of the Partnership's financial condition and
results of its operations.
For the three month periods ended June 30, 2001, and 2000, total revenues
increased 8.3% from $537,386 to $582,203 and total expenses increased 9.7%
from $309,626 to $339,637 and other income decreased from $1,908 to $880. As
a result, net income increased 6.0% from $229,668 for the three-month period
ended June 30, 2000, to $243,446 for the same period in 2001. Rental revenue
increased as a result of higher occupancy and unit rental rates. Occupancy
levels for the Partnership's four mini-storage facilities averaged 88.2%
for the three-month period ended June 30, 2001 as compared to 86.5% for the
same period in 2000. The Partnership is continuing its marketing efforts to
attract and keep new tenants in its various mini-storage facilities. Operating
expenses increased approximately $29,500 (10.7%) primarily as a result of
higher property management fees, office supplies, salaries and wage and
security alarm services expenses, partially offset by lower maintenance and
repair and workers compensation insurance expenses. Property management
fees, which are computed as a percentage of rental revenue, increased as a
result of the increase in rental income. General and administrative expenses
remained relatively constant.
For the six month periods ended June 30, 2001, and 2000, total revenues
increased 10.5% from $1,058,214 to $1,169,624 and total expenses increased
3.8% from $618,711 to $642,515 and other income decreased from $3,515 to
$2,025. As a result, net income increased 19.4% from $443,018 for the six-
month period ended June 30, 2000, to $529,134 for the same period in 2001.
Rental revenue increased as a result of higher occupancy and unit rental
rates. Operating expenses increased approximately $27,100 (5.0%) primarily
as a result of higher property management fees, office supplies, salaries
and wage and security alarm services expenses, partially offset by lower
advertising, maintenance and repair and workers compensation insurance
expenses. The increase in property management fees was discussed above.
General and administrative expenses remained relatively constant.
The General Partners plan to continue their policy of funding improvements
and maintenance of Partnership properties with cash generated from
operations. The Partnership's financial resources appear to be adequate
to meet its needs.
We are not enclosing a copy of the Partnership Form 10-Q as filed with the
Securities and Exchange Commission since all the information set forth
therein is contained either in this letter or in the attached financial
statements. However, if you wish to receive a copy of said report, please
send a written request to DSI Realty Income Fund XI, P.O. Box 357, Long
Beach, California 90801.
Very truly yours,
DSI REALTY INCOME FUND XI
By: DSI Properties, Inc., as
General Partner
By /s/ Robert J. Conway
____________________________
ROBERT J. CONWAY, President
DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 2001 AND DECEMBER 31, 2000
June 30, December 31,
2001 2000
ASSETS
CASH AND CASH EQUIVALENTS $ 651,854 $ 362,863
PROPERTY, Net 4,917,722 5,077,118
OTHER ASSETS 51,240 45,240
TOTAL $5,620,816 $5,485,221
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 355,455 $ 344,954
PARTNERS' EQUITY (DEFICIT):
General Partners (37,013) (38,264)
Limited Partners 5,302,374 5,178,531
Total partners' equity 5,265,361 5,140,267
TOTAL $5,620,816 $5,485,221
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND 2000
June 30, June 30,
2001 2000
REVENUES:
Rental income $ 582,203 $ 537,386
EXPENSES:
Operating 306,048 276,513
General and Administrative 33,589 33,113
Total expenses 339,637 309,626
OPERATING INCOME 242,566 227,760
OTHER INCOME
Interest 880 1,908
NET INCOME 243,446 229,668
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 241,012 $ 227,371
General Partners 2,434 2,297
TOTAL $ 243,446 $ 229,668
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 12.05 $ 11.37
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, 2001 AND 2000
June 30, June 30,
2001 2000
REVENUES:
Rental income $1,169,624 $1,058,214
EXPENSES:
Operating 564,392 537,244
General and administrative 78,123 81,467
Total expenses 642,515 618,711
OPERATING INCOME 527,109 439,503
OTHER INCOME
Interest 2,025 3,515
NET INCOME $ 529,134 $ 443,018
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 523,843 $ 438,588
General Partners 5,291 4,430
TOTAL $ 529,134 $ 443,018
NET INCOME PER LIMITED
PARTNERSHIP UNIT $26.19 $21.93
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, 2001 AND 2000
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 2000 ($34,409) $5,560,174 $5,525,765
NET INCOME 4,430 438,588 443,018
DISTRIBUTIONS (4,040) (400,000) (404,040)
BALANCE AT JUNE 30, 2000 ($34,019) $5,598,762 $5,564,743
BALANCE AT JANUARY 1, 2001 ($38,264) $5,178,531 $5,140,267
NET INCOME 5,291 523,843 529,134
DISTRIBUTIONS (4,040) (400,000) (404,040)
BALANCE AT JUNE 30, 2001 ($37,013) $5,302,374 $5,265,361
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2001 AND 2000
June 30, June 30,
2001 2000
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 529,134 $ 443,018
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 159,396 159,396
Changes in assets and
liabilities:
Increase in other assets (6,000) 0
Increase in liabilities 10,501 22,668
Net cash provided by
operating activities 693,031 625,082
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (404,040) (404,040)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 288,991 221,042
CASH AND CASH EQUIVALENTS:
At beginning of period 362,863 399,760
At end of period $ 651,854 $ 620,802
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, 2001, and for the
periods ended June 30, 2001, and 2000 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, 2001, 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.
As of June 30, 2001, the total property cost and accumulated
depreciation are as follows:
Land $ 1,894,250
Buildings 6,493,204
Furniture and equipment 7,594
Total 8,395,048
Less: Accumulated Depreciation ( 3,477,326)
Property - Net $ 4,917,722
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.