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 September 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 September 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 September 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 September 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: October 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: October 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
October 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 September 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 September 30, 2001 and 2000, total revenues
increased 1.3% from $568,437 to $575,643 and total expenses increased 2.6%
from $327,756 to $336,224 and other income decreased from $2,032 to $708.
Minority interest in income of real estate joint ventures decreased 1.1% from
$148,054 to $146,404. As a result, net income decreased 1.0% from $94,659 for
the three-month period ended September 30, 2000, to $93,723 for the same
period in 2001. Rental revenue remained relatively constant.Occupancy levels
for the Partnership's four mini-storage facilities averaged 88.5% for the
three-month period ended September 30, 2001 as compared to 89.2% 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 $5,800 (1.9%) primarily as a result of higher
maintenance and repair, office supplies and security alarm services expenses,
partially offset by lower advertising and salaries and wages expenses. General
and administrative expenses remained relatively constant.
For the nine-month periods ended September 30, 2001, and 2000, total revenues
increased 7.3% from $1,626,651 to $1,745,267 and total expenses increased
3.4% from $946,467 to $978,739 and other income decreased from $5,547 to
$2,733. Minority interest in income of real estate joint ventures decreased
1.1% from $148,054 to $146,404. As a result, net income increased 15.8%
from $537,677 for the nine-month period ended September 30, 2000, to $622,857
for the same period in 2001. Rental revenue increased as a result of higher
occupancy and unit rental rates. Operating expenses increased approximately
$33,000 (3.9%) primarily as a result of higher maintenance and repair,
property management fees, office supplies, salaries and wages and security
alarm services expenses, partially offset by lower advertising 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.
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)
SEPTEMBER 30, 2001 AND DECEMBER 31, 2000
September 30, December 31,
2001 2000
ASSETS
CASH AND CASH EQUIVALENTS $ 598,950 $ 362,863
PROPERTY, Net 4,847,024 5,077,118
OTHER ASSETS 51,240 45,240
TOTAL $5,497,214 $5,485,221
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 340,050 $ 344,954
PARTNERS' EQUITY (DEFICIT):
General Partners (38,095) (38,264)
Limited Partners 5,195,159 5,178,531
Total partners' equity 5,157,064 5,140,267
TOTAL $5,497,114 $5,485,221
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
September 30, September 30,
2001 2000
REVENUES:
Rental Income $ 575,643 $ 568,437
EXPENSES:
Operating 307,545 301,709
General and administrative 28,679 26,047
Total expenses 336,224 327,756
OPERATING INCOME 239,419 240,681
OTHER INCOME
Interest 708 2,032
INCOME BEFORE MINORITY INTEREST IN
INCOME OR REAL ESTATE JOINT VENTURES 240,127 242,713
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURES (146,404) (148,054)
NET INCOME $ 93,723 $ 94,659
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 92,786 $ 93,712
General partners 937 947
TOTAL $ 93,723 $ 94,659
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 4.64 $ 4.69
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 NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
September 30, September 30,
2001 2000
REVENUES:
Rental $1,745,267 $1,626,651
EXPENSES:
Operating 871,937 838,953
General and administrative 106,802 107,514
Total expenses 978,739 946,467
OPERATING INCOME 766,528 680,184
OTHER INCOME
Interest 2,733 5,547
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES 769,261 685,731
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURES (146,404) (148,054)
NET INCOME 622,857 537,677
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 616,628 532,300
General partners 6,229 5,377
TOTAL 622,857 537,677
NET INCOME PER LIMITED
PARTNERSHIP UNIT $30.83 $26.62
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 NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 2000 ($34,409) $5,560,174 $5,525,765
NET INCOME 5,377 532,300 537,677
DISTRIBUTIONS (6,060) (600,000) (606,060)
BALANCE AT SEPTEMBER 30, 2000 ($35,092) $5,492,474 $5,457,382
BALANCE AT JANUARY 1, 2001 ($38,264) $5,178,531 $5,140,267
NET INCOME 6,229 616,628 622,857
DISTRIBUTIONS (6,060) (600,000) (606,060)
BALANCE AT SEPTEMBER 30, 2001 ($38,095) $5,195,159 $5,157,064
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
September 30, September 30,
2001 2000
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 622,857 $ 537,677
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 239,094 239,094
Changes in assets and
liabilities:
Increase in other assets (6,000) 0
(Decrease)increase in liabilities (4,904) 43,954
Net cash provided by
operating activities 851,047 820,725
CASH FLOWS FROM INVESTING ACTIVITIES -
Additions to property (9,000)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (606,060) (606,060)
NET INCREASE CASH AND
CASH EQUIVALENTS 235,987 214,665
CASH AND CASH EQUIVALENTS:
At beginning of period 362,863 399,760
At end of period $ 598,850 $ 614,425
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 September 30, 2001, and for the
periods ended September 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
The Partnership holds 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 operating mini-storage facility in
Bloomingdale, Illinois; and a 75% interest in an operating mini-storage in
Sterling Heights, Michigan.
As of September 30, 2001, the total property cost and accumulated
depreciation are as follows:
Land $ 1,894,250
Buildings 6,502,204
Furniture and equipment 7,594
Total 8,404,048
Less: Accumulated Depreciation ( 3,557,024)
Property - Net $ 4,847,024
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.