DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
MARCH 31, 1997 AND DECEMBER 31, 1996
March 31, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $ 472,284 $ 384,938
PROPERTY 6,225,398 6,305,096
OTHER ASSETS 49,691 19,566
TOTAL $6,747,373 $6,709,600
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 275,698 $ 257,276
PARTNERS' EQUITY:
General Partners (24,952) (25,145)
Limited Partners 6,496,628 6,477,469
Total partners' equity 6,471,676 6,452,324
TOTAL $6,747,374 $6,709,600
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
March 31, March 31,
1997 1996
REVENUES:
Rental Income $ 463,572 $ 438,629
Interest 2,526 1,373
Total revenues 466,098 440,002
EXPENSES:
Operating Expenses 224,942 234,274
General and Administrative 45,036 45,482
Total expenses 269,978 279,756
NET INCOME $ 196,120 $ 160,246
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 194,159 $ 158,644
General partners 1,961 1,602
TOTAL $ 196,120 $ 160,246
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 9.71 $ 7.93
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 THREE MONTHS ENDED MARCH 31, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1995 ($22,992) $6,690,624 $6,667,632
NET INCOME 1,602 158,644 160,246
DISTRIBUTIONS (1,768) (175,000) (176,768)
EQUITY AT MARCH 31, 1996 ($23,158) $6,674,268 $6,651,110
EQUITY AT DECEMBER 31, 1996 ($25,145) $6,477,469 $6,452,324
NET INCOME 1,961 194,159 196,120
DISTRIBUTIONS (1,768) (175,000) (176,768)
EQUITY AT MARCH 31, 1997 ($24,952) $6,496,628 $6,471,676
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
March 31, March 31,
1997 1996
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 196,120 $ 160,246
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 79,697 79,697
Changes in assets and
liabilities:
Increase in other assets (30,125) (13,428)
Increase in liabilities 18,422 5,746
Net cash provided by
operating activities 264,114 232,261
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (176,768) (176,768)
NET INCREASE CASH AND
CASH EQUIVALENTS 87,346 55,493
CASH AND CASH EQUIVALENTS:
At beginning of period 384,938 277,455
At end of period $ 472,284 $ 332,948
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 March 31, 1997, and for the
periods ended March 31, 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 March 31, 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 March 31, 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 ( 2,097,000)
Property - Net $ 6,225,398
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.