DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
September 30, December 31,
1995 1994
ASSETS
CASH AND CASH EQUIVALENTS $ 452,150 $ 299,707
PROPERTY 6,692,633 6,917,295
OTHER ASSETS 32,986 19,566
TOTAL $7,177,769 $7,236,568
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 257,569 $ 256,049
PARTNERS' EQUITY:
General Partners (20,467) (19,863)
Limited Partners 6,940,667 7,000,382
Total partners' equity 6,920,200 6,980,519
TOTAL $7,177,769 $7,236,568
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
September 30, September 30,
1995 1994
REVENUES:
Rental Income $ 444,033 $ 416,874
Interest 3,012 1,721
Total revenues 447,045 418,595
EXPENSES:
Operating Expenses 241,308 226,027
General and administrative 22,656 23,504
Total expenses 263,964 249,531
NET INCOME $ 183,081 $ 169,064
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 181,250 $ 167,373
General partners 1,831 1,691
TOTAL $ 183,081 $ 169,064
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 9.06 $ 8.37
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 NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
September 30, September 30,
1995 1994
REVENUES:
Rental Income $1,275,572 $1,185,886
Interest 7,628 3,459
Guaranteed payments from
Dahn Corporation 0 7,300
Total Revenues 1,283,200 1,196,645
EXPENSES:
Operating Expenses 715,607 658,531
General and Administrative 97,608 97,579
Total expenses 813,215 756,110
NET INCOME 469,985 440,535
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $465,285 $436,130
General partners 4,700 4,405
TOTAL $469,985 $440,535
NET INCOME PER LIMITED PARTNERSHIP $ 23.26 $ 21.81
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, 1995 AND 1994
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1993 ($ 17,368) $7,247,359 $7,229,991
NET INCOME 4,405 436,130 440,535
DISTRIBUTIONS (5,303) (525,000) (530,303)
EQUITY AT SEPTEMBER 30,1994 ($18,266) $7,158,489 $7,140,223
EQUITY AT DECEMBER 31, 1994 ($19,863) $7,000,382 $6,980,519
NET INCOME 4,700 465,285 469,985
DISTRIBUTIONS (5,304) (525,000) (530,304)
EQUITY AT SEPTEMBER 30, 1995 ($20,467) $6,940,667 $6,920,200
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
September 30, September 30,
1995 1994
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 469,985 $ 440,535
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 239,094 242,093
Changes in assets and
liabilities:
Decrease in guaranteed
payments receivable 0 21,800
Increase in other assets (13,420) (2,228)
Increase(Decrease) in
liabilities 1,520 (65,442)
Net cash provided by
operating activities 697,179 636,758
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment (14,432) (8,000)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (530,304) (530,303)
NET INCREASE CASH AND
CASH EQUIVALENTS 152,443 98,455
CASH AND CASH EQUIVALENTS:
At beginning of period 299,707 260,465
At end of period $ 452,150 $ 358,920
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, 1995, and
for the periods ended September 30, 1995, and 1994 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 September 30, 1995, 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 September 30, 1995, the total property cost and accumulated
depreciation are as follows:
Land $ 1,894,250
Buildings 6,399,241
Furniture and equipment 7,594
Total 8,301,085
Less: Accumulated Depreciation ( 1,608,452)
Property - Net $ 6,692,633
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.